On January $1,2024,$ Pikes Corporation loaned Venti Company $$311,000$ and agreed to guarantee all of Ventis long$-$term debt in exchange for $(1)$ decision$-$making authority over all of Ventis activities and $(2)$ an annual management fee of $25$ percent of Ventis annual revenues. As a result of the agreement, Pikes becomes the primary beneficiary of Venti $($now a variable interest entity$).$ Pikes loan to Venti stipulated a $10$ percent $($market$)$ rate of interest to be paid annually with principal due in $10$ years.