Jassal Music Inc. is located in Edmonton, Alberta, and reports its financial information using IFRS. You were recently hired as the company's chief accountant to fill a longstanding vacancy. Your review of the accounting records for the year ended December 31, 20X4, has uncovered the following transactions:

On January 1, 20X4, Jassal received an $18,000, 0% note receivable from Ryan Tower Inc., in exchange for a delivery vehicle Jassal no longer needed. Ryan Tower is repaying the note in three equal instalments of $6,000, with the first payment due January 1, 20X5. The market rate of interest when the note was received was 5% per annum. The sale of the vehicle was correctly recorded.

Prepare year-end adjusting entries for the above transactions