On December 31, 2015, Cullumber Co. performed environmental consulting services for Hayden Co. Hayden was short of cash, and Cullumber Co. agreed to accept a $65,000 zero-interest-bearing note due December 31, 2017, as payment in full. Hayden is somewhat of a credit risk and typically borrows funds at a rate of 10%. Cullumber is much more creditworthy and has various lines of credit at 7%. Prepare the journal entry to record the transaction of December 31, 2015, for Cullumber Co. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 5,275.25. 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.) Date Account Titles and Explanation Dec. 31, 2015 Debit Credit Assuming Cullumber Co.'s fiscal year-end is December 31, prepare the journal entry for December 31, 2016. (Round answers to 2 decimal places, e.g. 5,275.25. 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.) Date Account Titles and Explanation Dec. 31, 2016 Debit Credit