On July 1, 2019, Modesto Holdings Ltd. issued a $50,000 face value note due June 30, 2022 with a stated interest rate of 4% to Modern Consultants in return for consulting services provided in 2019. The value of the consulting services is not readily determinable and the note is not readily marketable. On the basis of a credit analysis, a reasonable imputed interest rate would be 12%. Instructions Prepare the journal entry to record the issuance of the note by Modesto. Use your calculator and round values to the nearest dollar.