no interest rate mentioned..

Jest Motors, a truck dealer, sold three trucks to Day \& Night Truck Lines on uly 1 , for a total price of $78,600. Under the terms of the sale, West Motors reeived $21,000 cash and a promissory note due in full in 24 months. The face mount of the note was $67,968, which included interest on the note for the 24 months. West Motors uses a perpetual inventory system. The trucks sold to Day \& Night Truck Lines were carried in West's inventory at an aggregate cost of $69,000. Prepare entries in general journal form for West Motors relating to this transaction and to the note for the year ended December 31. Include the adjusting entry needed to record interest earned to December 31. (Adjusting entries are made only at year-end. Assume the discount is amortized by the straight-line method-that is, an equal amount of interest revenue is considered earned in each month.)