On January 1, 2018 Chester sold land to Melissa's Company, accepting a 3-year $75,000 non-interest-bearing note due in three equal installments of $25,000 beginning December 31, 2018. The land had a book value of $55,000, the fair value for the land was not determinable. An appropriate interest rate for a note of this caliber is 9%. Required: Prepare the journal entries on Chester's books to record (1) the sale and (2) the annual interest income and receipt of each $25,000 installment.