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On December 31, 2021, you sold your gently used car to your friend, Student Y. Instead of a full cash payment, Student Y gave you

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On December 31, 2021, you sold your gently used car to your friend, Student Y. Instead of a full cash payment, Student Y gave you a $4,000 cash down payment, and also a 2-year, $25,000,8% note (your financial advisor notified you that this is an unrealistic rate of interest for a note of this type and that the more realistic rate is 10% ). The note required interest to be paid annually on December 31. You normally prepare your financial statements on a calendar-year basis. Required: Show all work that leads to the preparation of the necessary journal entries for your Company for the following dates: (4.b.1.) December 31, 2021 (4.b.2.) December 31, 2022 (4.b.3.) December 31, 2023 Label your solution clearly. Note that a clear and full presentation of your work (SHOW AL.L. WORK) is part of the graded exam requirement

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