on january 1, 2018 Happy tubs sold a hot tube to monica receiving a two-year noninterest bearing note in exchange for a hot tub that normally sells for $8,000. The note is fo an amount that achieves an effectve interest rate of 10% per year required .

Prepare the journal entry to recordthe sale

Prepare any adjusting entry neccessary on December 31,2018

Prepare any adjusting entry neccessary on December 31,2019