On January 1, Whispering Winds Corp. lent 541,000 to Shamrock, Inc., accepting Shamrock's $54,571, three year, zero interest bearing note. The impled merest w 100. Prepare Sheffield's journal entries for the initial transaction, recognition of interest each year assuming use of the effective interest method, and the collection of $54.571 automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the Account Titles and Explanation Dehit Credit (To record initial transaction) (To record interest income in the first year) (To record interest income in the second year) To record interest income in the third year) To record collection at maturity) SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER On January 1, Whispering Winds Corp. lent 541,000 to Shamrock, Inc., accepting Shamrock's $54,571, three year, zero interest bearing note. The impled merest w 100. Prepare Sheffield's journal entries for the initial transaction, recognition of interest each year assuming use of the effective interest method, and the collection of $54.571 automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the Account Titles and Explanation Dehit Credit (To record initial transaction) (To record interest income in the first year) (To record interest income in the second year) To record interest income in the third year) To record collection at maturity) SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW