On December 31, 2020, McCormick Limited sells manufacturing equipment to a customer on the following terms....

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On December 31, 2020, McCormick Limited sells manufacturing equipment to a customer on the following terms. The purchase price of $650,000 will be payable as follows: .12% immediately as cash payment The remaining $572,000 in 6 years. Interest of 3% is payable each December 31 on the balance of $572,000. Required: Prepare the journal entries for McCormick (the seller) for the years 2020-2022 assuming that the cash price of the equipment if purchased today would be $590,000, McCormick reports under IFRS. On December 31, 2020, McCormick Limited sells manufacturing equipment to a customer on the following terms. The purchase price of $650,000 will be payable as follows: .12% immediately as cash payment The remaining $572,000 in 6 years. Interest of 3% is payable each December 31 on the balance of $572,000. Required: Prepare the journal entries for McCormick (the seller) for the years 2020-2022 assuming that the cash price of the equipment if purchased today would be $590,000, McCormick reports under IFRS.