By December $31,2023,$ Marigold Corp. had performed a significant amount of environmental consulting services for Sunland Ltd$.$ Sunland was short of cash, and Marlgold agred to accept a $$154,500,$ non$-$interest$-$bearing note due December $31,2025,$ as payment in full. Sunland is a bit of a credit risk and typically borrows funds at a rate of $15\%.$ Marigold is much more creditworthy and has various lines of credit at $8\%.$ Marigold reports under IFRS. The tables in this problem are to be used as a reference for this problem.

Click here to view the factor table PRESENT VALUE OF $1.$

Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF $1.$

$($a$)$

Your answer is correct.

Prepare the journal entry to record the transaction on December $31,2023,$ for Marigold. $($For calculation purposes, use $5$ decimal places as displayed in the factor table provided. 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 occount titles and enter $0$ for the amounts. List all debit entries before credit entries. Round answers to $0$ decimal $p^{\text{'}}.58,971)$