Blossom Inc. provided several entertainment services to Bramble Corporation in the past. On January 1, 2023, when the receivable for the past services was due, Bramble was unable to pay the outstanding balance. Blossom agreed to accept a $530,000 non-interest bearing note payable on December 31, 2024. Bramble typically could arrange this kind of financing at an interest rate of 15%. COMPLETE PART C

Use 1. PV.1 Tables, 2. a financial calculator, or 3. Excel functions to arrive at the amount to record the note receivable. (Round present value factor calculations to 5 decimal places, e.g. 1.2512. Round PV tables and Excel function answers to 0 decimal places, e.g. 8,971 and round Financial calculator answer to 2 decimal places, e.g. 89.71.) eTextbook and Media Solution List of Accounts Attempts: 2 of 2 used (b) Prepare the journal entry to record this transaction for Blossom Inc. on Jan 1, 2023. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries. Round answers to 0 decimal places, e.g. 8,971.) Prepare the journal entry for December 31, 2023 using the effective interest method. (Round answers to 0 decimal places, e.g. 8,971 . Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)