On November 1, 2021, Sweet Acacia Farm Equipment sold a harvesting machine to Stead Industries. Instead of a cash payment, Stead Industries gave Sweet Acacia Farm Equipment a $103,000, two-year, 6.0% note. The note required interest to be paid quarterly starting February 1, 2022. Sweet Acacia Farm Equipments financial statements are prepared on a calendar-year basis. The following instructions refer only to this note receivable.

Prepare journal entries for Sweet Acacia Farm Equipment for the full term of the note. Include the sale of the equipment on Nov. 1, 2021, receipt of interest, adjusting entries required on December 31, 2021 and 2022, and the collection of the note on November 1, 2023. Ignore Cost of Goods Sold.