Blue Corporation billed $50,000 for software design services to Orange Company on June 01, 2020. Orange paid $18,000 cash and signed a one-year, 0% note receivable for the balance. The market rate on notes of similar risk is 8%. Blue Corporation's year end is December 31. Required: Prepare all required journal entries for the above transaction for 2020. Round final answers to the nearest dollar and show any necessary calculations below each journal entry