Sima Co. is a public enterprise that sells recycled products. It sold some inventory for $250,000 on January 1, 2021. The customer paid $75,000 in cash and issued a note for the remainder. The principal will be due in 3 years, and a 4% interest is due every December 31st. The customer's borrowing rate is 6%. Required- 1) Prepare all journal entries related to this sale. 2) Assume that the customer's borrowing rate is unknown and that the inventory cash price is $220,000. Calculate the imputed interest rate and the interest revenue to be recorded on December 31, 2021, under IFRS.