Martinez Corporation issued a $4-$year, $$47,000,5\%$ note to Greenbush Company on January $1,2025,$ and received a computer that normally sells for $$39,551.$ The note requires annual interest payments each December $31.$ The market rate of interest for a note of similar risk is $10\%.$

Prepare Martinez's journal entries for $($a$)$ the January $1$ issuance and $($b$)$ the December $31$ interest. $($Round answers to O decimal places; eg$.38,548.$ 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. List all debit entries before credit entries.$)$

No$.$

Date

Account Titles and Explanation

Debit

$($a$)$

$($b$)$