On 1/1X0 Thorium sells land to Fission. The land has a book value of $1,000,000 and a fair value of $1,200,000. Fission gives Thoreum a 1,452,000 two year note with no stated interest rate. The implicit interest rate for this note is 10%.

Record journal entries on Thorium's booms for each of the following:

1. The original sale on 1/1/X0

2. The Interest accrual on 12/31/X0 assuming that Thoriun prepares financial statements annually.

3. The interest accrual on 12/31/X1

4. The payoff of the note on 1/1/X2

Please show work if possible