On January $1,2020,$ Bridgeport Co$.$ borrowed and received $$513,000$ from a major customer evidenced by a zero$-$interest$-$bearing

note due in $5$ years. As consideration for the zero$-$interest$-$bearing feature, Bridgeport agrees to supply the customer's inventory

needs for the loan period at lower than the market price. The appropriate rate at which to impute interest is $9\%.$

$($a$)$ Prepare the journal entry to record the initial transaction on January $1,2020.$

$($b$)$ Prepare the journal entry to record any adjusting entries needed at December $31,2020.$ Assume that the sales of

Bridgeport's product to this customer occur evenly over the $5-$year period.

$($Round present value factor calculations to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and the final answer to $0$ decimal places e$.$g$.58,971.$ 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 amount is

entered. Do not indent manually.$)$