Flounder Corp. was experiencing cash flow problems and was unable to pay its $117,000 account payable to Concord Corp.when it fell due on September 30, 2020. Concord agreed to substitute a one-year note for the open account. The following two options were presented to Flounder by Concord Corp.: Option 1: A one-year note for $117,000 due September 30, 2021. Interest at a rate of 8% would be payable at maturity. Option 2: A one-year non-interest-bearing note for $126,360. The implied rate of interest is 8%. Assume that Concord Corp. has a December 31 year end. Assuming Flounder Corp. chooses Option 1, prepare the entries required on Concord Corp's books on September 30, 2020, December 31, 2020, and September 30, 2021. (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 account titles and enter for the amounts. Round answers to O decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Assuming Flounder Corp. chooses Option 2 prepare the entries required on Concord Corp's books on September 30, 2020, December 31, 2020, and September 30, 2021. (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 account titles and enter for the amounts. Round answers to O decimal places, eg. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record interest income) (To record the collection of the note receivable)