On October 1, 2020, Larkspur Equipment Company sold a pecan-harvesting machine to valco Brothers Farm gave Arden a 2-year, $112,000, 8% note( a realistic rate of interest for a note of this type). The note required interest to be paid annually on October 1. Larkspur's financial statements are prepared on a calendar-year basis. Assuming Valco Brothers Farm fulfills all the terms of the note, prepare the necessary journal entries for Larkspur Equipment Company for the entire term of the note.