On January 1, 2017, Sage Hill Inc. borrowed and receive $310,000 from a major customer, Sheffield Corp. The debt is evidenced by a zero-interest-bearing note due in 4 years. Sage Hill, as consideration for the zero-interest-bearing feature of the note, agrees that it will supply inventory to Sheffield for the loan period at a below-market price. The appropriate rate at which to imputer interest is 7%. Prepare the journal entry to record the initial transaction on January 1, 2017