1.Bartho Products sold used equipment with a cost of $15,100 and a carrying amount of $2,450 to Vardy Corp. in exchange for a $5,200, three-year non-interest-bearing note receivable. Although no interest was specified, the market rate for a loan of that risk would be 9%. Assume that Bartho follows IFRS.
1)Prepare the entries to record the sale of Bartho's equipment and receipt of the note.
2)Prepare the entries to record the recognition of interest each year.
3)Prepare the entry to record the collection of the note at maturity.