Recording a Note Payable Issued for Non-Cash Consideration On January 1, 2020, Jet Air Inc. contracted with Systems Plus Inc. to manufacture heavy equipment. Jet Air Inc. issued a $90,000 note to Systems Plus Inc. in exchange for the equipment that required 5% interest payments annually over 3 years on December 31 of each year. Although the fair value of the customized heavy equipment was not reasonably determinable, it was determined that 10% was a reasonable rate of interest for such a transaction. Provide journal entries to be made by Jet Air Inc. at each of the following dates. a. January 1, 2020 ---Date of note issuance. b. December 31, 2020 ---Date of interest payment. December 31, 2021 ---Date of interest payment. d. December 31, 2022 ---Date of interest payment. e. December 31, 2022 ---Date of note payment at maturity. . Note: List multiple debits or credits (when applicable) in alphabetical order. - Note: Round your answer to the nearest whole dollar. - Note: Adjust interest expense in 2022 for any net rounding differences. Cr. 4,500 x 4500 x 90.000 O Date Account Name 2. Jan. 1, 2020 Discount on Nole Payable Equipment Nole Payable b. Dec 31, 2020 Interest Expense Cash Discount on Note Payable c. Dec 31, 2021 Interest Expense Cash Discount on Note Payable d. Dec 31, 2022 Interest Expense Cash Discount on Note Payable e. Dec 31, 2022 Nole Payable Cash