On December 31, 2017, Blossom Co. sold equipment to Kingbird, Inc. Blossom Co. agreed to accept a $310,000 zero-interest-bearing note due December 31, 2019, as payment in full. Kingbird, Inc. incorporated in 2017 and had very little credit history at the time of the transaction with Blossom. Therefore, at that time, Kingbird typically borrowed funds at a rate of 10%. Blossom has a long and positive credit history. Therefore, Blossom has various lines of credit at 5%.

Prepare the journal entry to record the transaction of December 31, 2017, for Blossom Co.