South Company, a public company, sells large construction equipment. On $1$ January $20\backslash$times $5,$ the company sold North Company a machine at a quoted price of $$120,000.$ South collected $$40,000$ cash and received a two$-$year note payable for the balance.

Required:

Give South's required entries for the two years, assuming an interest$-$bearing note, face value $$80,000(8\%$ interest, simple interest, payable every $31$ December and $8\%$ market rate$).($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

$\backslash$table$[[$No$,$Transaction,General Journal,Debit,Credit$],[1,1$ January $20$x$5,,,],[,,,,],[2,\backslash$table$[[31$ December$],[205$