Cullumber Company loaned $$70,083$ to Riverbed, Inc., accepting Riverbed's $2-$year, $$84,800,$ zero$-$interest$-$bearing note. The implied

interest rate is $10\%.$

Prepare Cullumber's journal entries for the initial transaction, recognition of interest each year, and the collection of $$84,800$ at

maturity. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before

credit entries. Round answers to $0$ decimal places, e$.$g$.5,815.)$

Account Titles and Explanation

Debit

Credit

$($To record the receipt of the note at a discount.$)$

$($To record the interest revenue at the end of $1$st year.$)$

$($To record the interest revenue at the end of $2$ nd year.$)$