On December 31, 2015, Wildhorse Co. performed environmental consulting services for Hayden Co. Hayden was short of cash, and Wildhorse Co. agreed to accept a $ 100,000 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 11%. Wildhorse is much more creditworthy and has various lines of credit at 6%.

Prepare the journal entry to record the transaction of December 31, 2015, for Wildhorse Co.

Assuming Wildhorse 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 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Assuming Wildhorse Co.s fiscal year-end is December 31, prepare the journal entry for December 31, 2017. (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 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)