Part 1 of 5 of 1 On May 1, 2022, Lorry's Heavy Equipment sold a piece of equipment to Pitt Products, Inc., at a selling price of $2,280,000. Lorry's agreed to accept a 10-month, 4% note with interest due on its maturity date, March 1, 2023. Lorry's year-end is December 31. Assume that 4% is reasonable when compared to the going market rate of interest for similar financing arrangements. Read the requirement Requirements. Prepare the journal entries to record the following events: (Record debits first, then credits. Exclude explanations from any journal entries.) a. The equipment sale on May 1, 2022. Ignore cost of goods sold and the reduction of inventory Account May 1, 2022 = 9 Exercises t 1 of 5 O Points: of 1 ( Cash $ Gain on Sale of Receivables it ce of equipment to Pitt Products, Inc., atas note with interest due on its maturity date, reasonable when compared to the going ma F Interest Receivable Interest Revenue Loss on Sale of Receivables LL F the following events: (Record debits first, the E Notes Receivable of goods sold and the reduction of inventory. Sales Revenue May 1, 2022