$1-$Jan Janus Corp. lent $$66,116$ to Jeeter Company, accepting Jeeter's $2$ year, $$80,000$

Date

Account Title

Debit

Credit

non$-$interest bearing note. The implied interest rate is $10\%.$

Prepare Janus' journal entries for the initial transaction, the recognition of interest each

year, and the collection of the $$80,000$ at maturity.