On January 1, 2017 Chester sold land to Melissa's Company, accepting a 3-year $75,000 non-interest-bearing note due in three equal installments of $25,000 beginning December 31, 2017. The land had a book value of $55,000, the fair value for the land was not determinable. An appropriate interest rate for a note of this caliber is 9%.

Required: Prepare the journal entries on Chester's books to record:

1) the sale

2) the 2017 interest income and receipt of the 2017- $25,000 installment