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Kingbird Corporation issued a 4-year, $48,000, zero-interest-bearing note to Garcia Company on January 1, 2025, and recelved cash of $48,000. In addition, Kingbird agreed to
Kingbird Corporation issued a 4-year, $48,000, zero-interest-bearing note to Garcia Company on January 1, 2025, and recelved cash of $48,000. In addition, Kingbird agreed to sell merchandise to Garcia at an amount less than regular selling price over the 4 -year period. The market rate of interest for similar notes is 12%. Click here to view factor tables. Prepare Kingbird Corporation's January 1 journal entry. (Round present value foctor calculations to 5 decimal ploces, eg. 1.25124 and final answer to 0 decimal places, eg. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries)
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