ile:///C/Users/Baris/AppData/Local/Packages/Microso b30bboweepsta wnloads/Exam2012-%20Part-1Due%20Nov%2019th 2021 * Fit to page D Page view A Read aloud Add note On June 30, year 1, the Star Gaze Company sold some merchandise to a customer for $40,000. In payment, Sapphire agreed to accept a 6% note requiring the payment of interest and principal on March 31, year 2. The 6% rate is appropriate in this situation. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, year 1 interest accrual, and the March 31, year 2 collection. 2. If the December 31 adjusting entry for the interest accrual is not prepared, by how much will income before income taxes be over- or understated in year 1 and year 2? 5 Points