Problem 7-9 (Comprehensive Receivables Problem) Braddock Inc. had the following long-term receivable account balances atDecember 31, 2016.Note receivable from sale of division $1,500,000Note receivable from officer 400,000Transactions during 2017 and other information relating to Braddocks long-term receivables were as follows.1.The $1,500,000 note receivable is dated May 1, 2016, bears interest at 9%, and represents the balance of the considerationreceived from the sale of Braddocks electronics division to New York Company. Principal payments of $500,000 plus appropriateinterest are due on May 1, 2017, 2018, and 2019. The first principal and interest payment was made on May 1,2017. Collection of the note installments is reasonably assured.2.The $400,000 note receivable is dated December 31, 2016, bears interest at 8%, and is due on December 31, 2019. The noteis due from Sean May, president of Braddock Inc. and is collateralized by 10,000 shares of Braddocks common stock. Interestis payable annually on December 31, and all interest payments were paid on their due dates through December 31,2017. The quoted market price of Braddocks common stock was $45 per share on December 31, 2017.Instructionsa)Show the balance sheet items that are related to the above two notereceivables for 2016 and 2017.