Exercise 7-14 On December 31, 2015, Waterway Co. performed environmental bearing note due December 31, 2017, as lines of credit at 6% payment in full. Hayduke is somewhat of a credit risk and typicaly borrows funds at a rate of 10%. Waterway is much more creditworthy and has varous e consulting services for Hayduke Co. Hayduke was short of cash, and Waterway Co. agreed to accept a $298,600 zero-interest- Your answer is partially correct. Try again. Prepare the journal entry to record the transaction of December 31, 201 s, for the waterway Co. (Round present value factor calculations to 5 decin al place, es25t24 and final answers to 0 decimal places, e.gs,27s. 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 Dec. 31, 201s Service Revenue Oiscount on Notes Receivable