On January $1,2019,$ Somerville Corporation sold a used truck to Cornelius Company and accepted a $$28,000$ non$-$interest$-$bearing note due January $1,2020$ Somerville carried the truck on its books at a cost of $$30,000$ and a current book value of $$23,000.$ Neither the fair value of the truck nor the note was available at the time of the sale; however, Cornelius's incremental borrowing rate was $12\%.$

Required:

Prepare the journal entries on Somerville's books to record:

a$.$ sale of the truck

b$.$ related adjusting entries on December $31,2019,2020,$ and $2021$

c$.$ collection of the note on January $1,2022$

Prepare the notes receivable portion of Somerville's December $31,2019,2020$ and $2021$ balance sheets