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On November 1, a company purchases a patent for $475,000 by signing a five-month, zero-interest-bearing, $485,000 note. What journal entry should be recorded at maturity,

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On November 1, a company purchases a patent for $475,000 by signing a five-month, zero-interest-bearing, $485,000 note. What journal entry should be recorded at maturity, if the company has a December 31 year- end? (Ch13) Dr. Notes payable $485,000; Dr. Interest expense $6,000; Cr. Discount on notes payable $6,000; Cr. Cash $485,000 Dr. Notes payable $485,000: Dr. Interest expense $2,500; Cr. Discount on notes payable $2,500; Cr. Cash $485,000 Dr. Notes payable $485,000; Cr. Discount on notes payable $2,500; Cr. Cash $482,500 Dr. Notes payable $485,000; Cr. Discount on notes payable $6,000; Cr. Cash $479,000

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