Blossom Corporation issued a $4-$year, $$55,000,5\%$ note to Greenbush Company on January $1,2020,$ and received a computer that normally sells for $$44,762.$ The note requires annual interest payments each December $31.$ The market rate of interest for a note of similar risk is $11\%.$

Prepare Blossom's journal entries for $($a$)$ the January $1$ issuance and $($b$)$ the December $31$ interest. $($Round 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.$)$

No$.$

Date

Account Titles and Explanation

Debit

$($a$)$

$($b$)$