Webb Corporation purchased equipment from Shaw Corporation on January $1,2019.$ Shaw accepted a $3-$year, non$-$interest$-$bearing note of $$18,000$ due December $31,2021,$ in exchange for the equipment. Neither the fair value of the equipment nor that of the note is available. Webb$$s incremental borrowing rate is $12\%.$

Required:

Prepare the journal entries to record the issuance of the note, retirement, and any interest expense on the books of Webb on each of the following dates:

$1.$ January $1,2019$

$2.$ December $31,2019$

$3.$ December $31,2020$

$4.$ December $31,2021$