On December 31, 2020, Headland Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Headland Co. agreed to accept a $ 318,100 zero-interest-bearing note due December 31, 2022, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 11%. Headland is much more creditworthy and has various lines of credit at 5% Click here to view factor table. (a) Prepare the journal entry to record the transaction of December 31, 2020, for the Headland Co. (Round present value factor calculations to 5 decimal places, eg 1.25124 and final answers to decimal places, eg,5,275. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 696 TABLE 6.1 Future Value of 1 (Future Value of a Single Sum) SWF. = {1 + ]" (m) Periods 296 27.9 3% 496 1 1.02000 1.02500 1.03000 1.04000 2 1.04040 1.05063 1.06090 1.08160 3 1.06121 1.07689 1.09273 1.12486 4 1.08243 1.10381 1.12551 1.16986 5 1.10408 1.13141 1.15927 1.21665 5% 1.05000 1.10250 1.15763 1.21551 1.27628 1.06000 1.12360 1.19102 1.26248 1.33823 6 7 8 9 10 1.12616 1.14869 1.17166 1.19509 1.21899 1.15969 1.18869 1.21840 1.24886 126O0B 1.19405 1.22987 1.26677 1.30477 1.34392 1.26532 1.31593 1.36857 1.42331 1.48024 1.34010 1.40710 1.47746 1.55133 1.62889 1.41852 1.50363 1.59385 1.68948 1.79085 11 12 13 14 15 1.24337 1.26824 1.29361 1.31948 1.34587 1.31209 1.34489 1.37851 1.41297 1.44830 1.38423 1.42576 1.46853 1.51259 1.55797 1.53945 1.60103 1.66507 1.73168 1.80094 1.71034 1.79586 1.88565 1.97993 2.07893 1.89830 2.01220 2.13293 2.26090 2,39656 1.37279 1.40024 1.42825 1.45681 1.48595 1.48451 1.52162 1.55966 1.59865 1.63862 1.60471 1.65285 1.70243 1.75351 1.80611 1.87298 1.94790 2.02582 2.10685 2.19112 2.18287 2.29202 2.40662 2.52695 2.65330 2.54035 2.69277 2.85434 3.02560 3.20714 1.51567 1.54598 1.57690 1.60844 1.64061 1.67958 1.72157 1.76461 1.80873 1.85394 1.86029 1.91610 1.97359 2.03279 2.09378 HpBB BnBa88%8wm8 2.27877 2.36992 2.46472 2.56330 2.66584 2.78596 2.92526 3.07152 3.22510 3.38635 3.39956 3.60354 3.81975 4.04893 4.29187 1.67342 1.70689 1.74102 1.77584 1.81136 1.90029 1.94780 1.99650 2.04641 2.09757 2.15659 2.22129 2.28793 2.35657 2.42726 2.77247 2.88337 2.99870 3.11865 3.24340 3.55567 3.73346 3.92013 4.11614 4.32194 4.54938 4.82235 5.11169 5.41839 5.74349 30 31 32 1.84759 1.88454 1.92223 1.96068 1.99989 2.15001 2.20376 2.25885 2.31532 2.37321 2.50008 2.57508 2.65234 2.73191 2.81386 3.37313 3.50806 3.64838 3.79432 3.94609 4.53804 4.76494 5.00319 5.25335 5.51602 34 35 6.08810 6.45339 6.84059 7.25103 7.68609 36 37 38 39 40 2.03989 2.08069 2.12230 2.18474 2.20804 2.43254 2.49335 2.55568 2.61957 2.68506 2.89828 2.98523 3.07478 3.16703 3.26204 4.10393 4.26809 4.43881 4.61637 4.80102 5.79182 6.08141 6.38548 6.70475 7.03999 8.14725 8.63609 9.15425 9.70351 10.28572 Prepare the journal entry to record the transaction of December 31, 2020, for the Headland Co. (Round present value factor calculations to 5 decimal places, eg. 1.25124 and final answers to decimal places, eg. 5,275. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Tities and Explanation Debit Credit Dec. 31. 2020 Assuming Headland Co's fiscal year-end is December 31, prepare the journal entry for December 31, 2021. (Round answers to decimal places, eg. 5,275. If no entry is required, select "No Entry" for the account titles and enter for the amounts Credit account titles are automatically indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Dec. 31 2021 Assuming Headland Co.'s fiscal year-end is December 31, prepare the journal entry for December 31, 2022. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec 31, 2022 (To record interest revenue) (To record collection of note)