On December 31, 2014, William Company provided services to a customer. In exchange, they accepted $5,000 in cash plus a note receivable with a face value of $225,000, a due date of December 31, 2016, and a stated rate of 3%, with interest paid December 31 of each year beginning December 31, 2015. Under the circumstances, the note is considered to have an appropriate rate of interest of 4%. 2 years duration: Present Value Single Sum Present Value Ordinary Annuity Future Value Single Sum Future Value Ordinary Annuity 3% Future Value Annuity Due Present Value Annuity Due 1.97087 1.96154 4% 0.9426 0.92456 1.91347 1.88609 1.0609 1.0816 2.03 2.04 2.0909 2.1216 (a) Prepare William's journal entry to record the transaction on December 31, 2014. (b) Prepare all the journal entries (if any) that William would record over the life of the note.