I was wondering if you could help me solve for the solutions step-by-step. I am at a lost and I do not see an example in the book to follow. No one was available online for live help.

Calculating imputed interest on noninterest-bearing note (LO 8-4)

On December 31, 2017, Fenton Company sold equipment to Denver, Inc., accepting a $275,000 noninterest-bearing note receivable in full payment on December 31, 2017. Denver, Inc., normally pays 12% for its borrowed funds. The equipment is carried in Fentons perpetual inventory records at 65% of its cash selling price. Required: 1. Prepare Fentons journal entries to record the sale on December 31, 2017. 2. Prepare Fentons journal entry on December 31, 2018, necessitated by this transaction. (Hint: Prepare an amortization schedule for the loan.) 3. Show Fentons balance sheet presentation of Denvers note at December 31, 2018.