On January 1, 2021, Happy Tubs sold a hot tub to Monica, receiving a two-year, noninterest-bearing note in exchange for a hot tub that normally sells for $8,000 (sales amount). The note is for an amount that achieves an effective interest rate of 10% per year, and Happy Tubs views the financing component of this transaction to be significant. 1. Prepare the journal entry to record the sale. Note that you will need to calculate the face amount of the note receivable. 2. Prepare any adjusting entry necessary on December 31, 2021. 3. Prepare any adjusting entry necessary on December 31, 2022