Q5. On December 31,2023,XYZCo. sold inventory that cost $120,000 to ABC Company for a note requiring three payments of $80,000 (including interest) annually on December 31 . The first payment is to be made on December 31, 2023. Assuming that a market interest rate of 5% applies to this contract: 1. Pre the journal to record XYZ's sale of inventory on 12/31/23. 3. XYZ should report gross profit for this sale in December 2023 of $ 4. Total interest revenue earned over the life of the note is