On January 1, 2021, Janelle Co. sold equipment to James Inc. in exchange for a zero-interest bearing note with a face value of $110,000, with payment due in 12 months. The fair value of the equipment on the date of the sale was $100,000. Janelle paid $55,000 for the cost of equipment. a. Record the journal entries for January 1, 2021. b. What is the amount of revenue to be recognized on this transaction at December 31, 2021?.