On January 1, 2017, Kingbird Inc. borrowed and received $ 330,000 from a major customer, Pina Colada Corp. The debt is evidenced by a zero-interest-bearing note due in 4 years, Kingbird, as consideration for the zero-interest-bearing feature of the note, agrees that it will supply inventory to Pina Colada for the loan period at a below market price. The appropriate rate at which to impute interestis 11% (a) Your answer is partially correct Prepare the journal entry to record the initial transaction on January 1, 2017. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Cash 330.000 Discount on Notes Payable Notes Payable