$($b$)$ On January $1,2022,$ Waterway Furniture Co$.$ borrowed $$4,700,000($face value$)$ from Aurora Co$.,$ a major customer, through a zero$-$

interest$-$bearing note due in $4$ years. Because the note was zero$-$interest$-$bearing, Waterway Furniture agreed to sell furniture to this

customer at lower than market price. A $8\%$ rate of interest is normally charged on this type of loan.

Prepare the journal entry to record this transaction. $($Round present value factor calculations to $5$ decimal places, e$.$g$.1\mathrm{.}25124$

and final answers to $0$ decimal places, e$.$g$.38,548.$ If no entry is required, select $"$No Entry" for the account titles and enter $0$

for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

Account Titles and Explanation

Debit

Credit

$4700000$

Notes Payable

Unearned Revenue

Determine the amount of interest expense to report for $2022.($Round answer to $0$ decimal places e$.$g$.58,971.)$

Interest expense to be reported for $2022$

$

PLEASE HELP THE ANSWER OF NOTE PAYABLE AND UNEARNED REV IS UNCORRECT, WHY?