Journal entry

Larkspur Corporation issued a 5-year $66,000, zero interest-bearing note to Garcia Company on January 1, 2020, and received cash of $66,000. to sell merchandise to Garcia at an amountless than regular selling price over the 5-year period. The market rate of interest for similar notes is 119 Prepare Larkspur Corporation's January 1 journal entry (Round present value factor calculations to 5 decimal places, s. 1.25124 and final answer to O no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is ente Date Account Titles and Explanation January 1, 2020 Cash Debit Credit 26000 Discount on Notes Payable Notes Payable 66.000 e Textbook and Media