On January 1, Tamarisks Inc. sold used equipment with a cost of $17,400 and a carrying amount of $2,300 to Flint Corp. in exchange for a $5,800, three-year non-interest-bearing note receivable. Although no interest was specified, the market rate for a loan of that risk would be 8% and assume that Tamarisks follows ASPE. 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. (a) Your answer is correct. Prepare the entry to record the sale of Tamarisks' equipment and receipt of the note. (Round answers to O decimal places, e.g. 125. Credit account titles are automatically indented when the 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. List all debit entries before credit entries. For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Account Titles and Explanation Notes Receivable Debit 4604 Credit Accumulated Depreciation - Equipment Equipment Gain on Disposal of Equipment eTextbook and Media List of Accounts 15100 17400 2304 (b) Prepare the entries to record the recognition of interest at the end of each year if Tamarisks uses the straight-line method. (Round answers to O decimal places, e.g. 125. Credit account titles are automatically indented when the 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. List all debit entries before credit entries.) Account Titles and Explanation Interest for Year 1: Interest for Year 2: Interest for Year 3: eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 15 used Submit