Question 3 (16 points) All questions must be answered on-line in the space provided. #3 16 marks, suggested time 10 minutes On January 1, year one Birch Inc. sold land that it carried on its books at a cost of $45,000. In exchange for the land, Birch accepted a three-year note receivable from Fir Inc. The terms of the note are: Principal of $50,000 will be paid to Birch at the end of three years. The note bears interest at 10% and interest of $5,000 will be paid by Fir to Birch each, December 31 of years one, two, and three. The note has been correctly discounted at a market rate of 12%. The correct present value at January 1 year one is $47,600. Prepare journal entries for Birch Inc. for January 1 and December 31, year one. Debits must come before credits and you are not required to provide explanations, but you should show calculations. solo Format B I U Debit account Credit account Debit $ Credit $ Format V BIU - y Font Famil Debit account Credit account Debit $ Credit $