Neville Ltd enters into a contract to sell boat products to Patton Ltd for $300,000. The agreements allows Patton Ltd to pay for these goods by 4 equal instalments, the first instalment being required on deliver and the reminder to be paid by equal instalments every 6 months. The boat products are delivered to Patton ltd on 1 January 2020. Neville ltd determines that an appropriate discount rate for transaction is 12% per annum.

Required; Prepare the journal entries by Neville Ltd to record these on

1. 1 January

2. 30 June 3020