a On January 1.2021 Townsend loaned $198,458 to Free. A zero-interest-bearing note (face amount, $250,000) was exchanged solely for cash. The note is to be repaid on December 31, 2023. The prevailing rate of interest for a loan of this type is 8%. The present value of $250,000 at 8% for three years is $198,458. a. Prepare the journal entry Free would make at 1/1/2021 and 12/31/2021 related to this note. Scroll down to answer part b after answer part a. Account B I 2? Debit Credit