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Harvey Corporation takes out a loan from Ronald Bank on January 1,2019. The interest rate is 9.00%. The loan obligates Harvey to pay $48,000 at

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Harvey Corporation takes out a loan from Ronald Bank on January 1,2019. The interest rate is 9.00%. The loan obligates Harvey to pay $48,000 at the end of each of the next 9 years. Please record the journal entries that Harvey Corporation should make on January 1, 2019 to recognize this transaction. If necessary, round your answer to the nearest dollar. (Hint: This is a non-current liability. As such, the amount borrowed will be the present value of future cash paid.)

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