Bobcat Treats is considering adding a new product line, Red Hawk Dots. On December 31 , 20Y1, Simon, Inc. finished consultation services exploring the feasibility of the new product line. Since Bobcat Treats was a little short of cash, Simon, Inc. accepted in exchange for the consulting services a note with a face value of $200,000 to be paid on December 31,20Y4, and a stated rate of 5% with interest paid at the end of each year beginning in 20Y2. The fair value of the services was not readily determinable and the note was not readily marketable. Under the circumstances, the note was considered to have an appropriate (or market) rate of interest of 10% a. Prepare the journal entry(ies) Bobcat Treats should have made at December 31, 20Y1