Prepare all journal entries necessary to reflect the transactions above. P7-7 (LO4) (Notes Receivable with Realistic Interest Rate) On October 1, 2017, Arden Farm Equipment Company sold a pecan-harvesting machine to Valco Brothers Farm, Inc. In lieu of a cash payment Valco Brothers Farm gave Arden a 2-year $120,000, 8% note (a realistic rate of interest for a note of this type). The note required interest to be paid annually on October 1 Arden's financial statements are prepared on a calendar-year basis.1360DO X Instructions Assuming Valco Brothers Farm fulfills all the terms of the note, prepare the necessary journal entries for Arden Farm Equipment Company for the entire term of the