1 - 9 Exercises Part 1 of 3 of 1 Michael Technologies, Inc., provides specialized network solutions for companies in the financial services industry. During the current year, Michael completed a network project for Williams Communications. The fair value of the project is not determinable. As part of the agreement, on February 1, Michael accepted a $5,014,000, 6-month, zero-coupon note receivable at a time when the current market rate of interest was 3%. Michael prepares financial statements at its calendar year-end only. Prepare the journal entry to record the transaction and the collection at maturity. Prepare the journal entry to record the transaction. (Record debits first, then credits. Exclude explanations from any journal entries.) On February 1, Michael accepted a $5,014,000, 6-month, zero-coupon note receivable at a time when the current market rate of interest was 3%. Account February 1 Cash . Discount on Notes Receivable TI F a Record debits first, then credits. Exclude explanati Notes Receivable Sales Revenue onth, zero-coupon note receivable at a time when C Service Revenue February 1