On January 1, 2021 Bobby Inc. made a special arrangement to sell goods to a long-time customer. The agreement was that the buyer would pay $1,000 down and the balance due with a $30,000 note receivable. The note receivable is for 2 years maturing December 31, 2022 bearing interest at 7%. The effective market rate is 6% and Bobby Inc. has a December 31 year end. Prepare the journal entries for 2021 and 2022 related to the sale, interest payments and settlement of the note. Interest is paid annually. Show ALL your work. (13 marks) Part 2 Briefly explain the impact on interest revenue and the discount on notes receivable if the note was non-interest bearing. Everything else is the same as Part 1. (2 marks)