Zobell Corporation sells equipment with

Zobell Corporation sells equipment with a book value of $8,000receiving a non-interest-bearing note due in the years with a faceamount of $10,000. There is no established market value for theequipment. The interest rate on similar obligations is estimated at12%. Compute the gain or loss on the sale and the discount on notesreceivable and make the necessary entry to record the sale. Alsomake the entries to record the amortization of the discount at theend of the first second and third year using effective interestamortization. (Round to the nearest dollar.)