On May 1, 2015, a company lends $160,000 to one of its main suppliers and accepts a 12-month, 8% note. Record the acceptance of the note on May 1, 2015, the adjustment on December 31, 2015, and the cash collection on May 1, 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to the nearest whole dollar.)