On December 31,2020,McCormick Limited sells manufacturing equipment to a customer on the following terms.The purchase price of $650.000 will be pavable as follows: 12% immediately as cash payment The remaining $572,000 in 6 years. Interest of 3% is payable each December 31 on the balance of $572,000 Required: Prepare the journal entries for McCormick (the seller) for the years 2020 - 2022 assuming that the cash price of the eguipment if purchased today would be $590,000.McCormick reports under IFRS