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Question 2 (9 points) On June 30, 2021, PC Inc. sold product to A&A Company,...

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Question 2 (9 points) On June 30, 2021, PC Inc. sold product to A&A Company, accepting a two-year non- interest bearing promissory note of $315,600 in exchange. PC Inc. normally pays 4% interest to borrow funds. A&A Company, however, normally pays 6% to borrow funds. The product sold is carried on PC Inc.'s books at a cost of $182,600. PC Inc. follows IFRS, and has a year end of June 30. Required: 1. Calculate the amount at which the product was sold on June 30. (2 marks) 2. Prepare the journal entries required to record the transaction in the books of PC Inc. on June 30, 2021. (2 marks) 3. Prepare all appropriate journal entries for PC Inc. for the note in 2022 and 2023

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