On March $1,2020,$ Monty Company sold goods to Goosen Inc. for $$672,000$ in exchange for a $5-$year, zero$-$interest$-$bearing note in the face amount of $$1,132,359($an imputed rate of $11\%).$ The goods have an inventory cost on Monty's books of $$419,000.$

$($a$)$ Prepare the journal entries for Monty on March $1,2020.$

$($b$)$ Prepare the journal entries for Monty on December $31,2020.$