Please do all 4 requirements and shows detail step by step explanation .

Note : Month taken calculation December 31 .

Question: On December 31, 2021, XYZ corporation (an equipment manufacturer ) sold equipment that cost $300,000 to ABC company (a construction company). The agreement stipulated that ABC would pay make 5 payments of $105,000 (including interest) annually December 31. The first note payment is to be made on December 31,2021. Assuming that a prevailing interest rate of 6% applies to this contract: n Future value of 1 Future value of 1 future value of an ordinary annuity present value of an ordinary annuity present value of an annuity due 5 5 1.33823 0.74726 5.63709 4.21236 4.46511 i= 6% 1. prepare the journal entry for XYZ to record sale of the equipment on 12/31/21. 2. Prepare the journal entrys for XYZ for year ended 12/31/2023 for the receipt of payment associated with this sale of the equipment. 3. prepare the journal entry for ABC to record the purchase of the equipment on 12/31/2021. 4. total interest expense that would be recognized over the life of the note for ABC is