On January $1$st$,2022$ Payne windows received $$36400$ by signing a two year $$40000$ notes payable with berry bank. The discount on this zero interest note will be amortized using the streight line method.

part one:

record the January $1$st $2022$ journal entry to recognize payne windows receipt of cash in exchange for the signing of this note with berry bank

part two:

Record December $31$st journal entry to account for interest accumulated on the zero interest note from berry bank and amortized the discount on this notes payable