Exercise 7-14 On December 31, 2015, Tamarisk Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Tamarisk Co. agreed to accept a $346,500 zero-interest-bearing note due December 31, 2017, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 11%. Tamarisk is much more creditworthy and has various lines of credit at 6%.

Prepare the journal entry to record the transaction of December 31, 2015, for the Tamarisk Co. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31, 2015

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Assuming Tamarisk Co.s fiscal year-end is December 31, prepare the journal entry for December 31, 2016. (Round answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31, 2016

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Assuming Tamarisk Co.s fiscal year-end is December 31, prepare the journal entry for December 31, 2017. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31, 2017
	(To record interest revenue)
	(To record collection of note)