On January 1, 2020, Allen Corp. issued a 3-year, zero-interest-bearing note payable for $55,000 to Town Corp. for a cash receipt of $55,000. In lieu of interest payments, Allen Corp. agreed to sell merchandise to Town Corp. at a discount and provide free shipping during the 3-year period. The appropriate market rate for this transaction is 8%. Record the journal entry for Allen Corp. upon issuance of the note payable.

• Note: List multiple debits or credits (when applicable) in alphabetical order.
• Note: Round your answers to the nearest whole dollar.