On January 1, Skysong, Inc. sold used equipment with a cost of $14,300 and a carrying amount of $2,500 to Concord Corporation in exchange for a $4,700, three-year non-interest-bearing note receivable. Although no interest was specified, the market rate for a loan of that risk would be 9%. Assume that Skysong follows IFRS. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Prepare the entry to record the sale of Skysong's equipment and receipt of the note. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Prepare the entries to record the recognition of interest each year. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record interest income in the first year) (To record interest income in the second year) (To record interest income in the third year) Prepare the entry to record the collection of the note at maturity. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to O decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit