Question 2 (13 marks)On January 1, Year 1, BB Jane Inc sold goods for $35,000 and offered the customer no interest and no payments for three years. $35,000 is due on December 31, Year 3. The interest rate for this type of transaction is 6.75%.

Required

Journal entries required for the years Year 1, Year 2, and Year 3 to account for the sale of goods all the way to the payoff of the note. BB Jane follows IFRS.

Round all calculations and journal entry amounts to the nearest dollar.