Recording Entries for the Discounting of a Note Receivable Aerobic Sports Company completed the following transactions related to a note receivable. a. February 1-Received a $520,000,9%, interest-bearing, six-month note from Temple Company in return for land that had a carrying value of $156,000. b. March 1-Discounted the Temple Company note to Local Bank at a 12\% interest rate. Assume the discounting qualifies as a sale. Required a. Prepare the journal entry on February 1 to record the sale of land. b. Prepare the entries on March 1 to (1) record interest earned and (2) record the discounting of the note receivable. - Note: Round your answers to the nearest whole dollar