Oriole Inc. provided several entertainment services to Concord Corporation in the past. On January $1,2023,$ when the receivable for the past services was due, Concord was unable to pay the outstanding balance. Oriole agreed to accept a $$340,000$ non$-$interest bearing note payable on December $31,2024.$ Concord typically could arrange this kind of financing at an interest rate of $15\%.$

Click here to view the factor table PRESENT VALUE OF $1.$

Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF $1.$

Use $1.$ PV$.1$ Tables, $2.$ a financial calculator, or $3.$ Excel functions to arrive at the amount to record the note receivable. $($Round present value factor calculations to $5$ decimal places, e$.$g$.1\mathrm{.}2512.$ Round answer to $0$ decimal places, e$.$g$.8,971)$

Note receivable $

Prepare the journal entry to record this transaction for Oriole Inc. on Jan $1,2023.($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries. Round answers to $0$ decimal places, e$.$g$.8,971.)$

Date

Account Titles and Explanation

Debit

Credit

Jan. $1,$

$2023$

Prepare the journal entry for December $31,2023$ using the effective interest method. $($Round answers to $0$ decimal places, e$.$g$.8,971.$ Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries.$)$

Date Account Titles and Explanation

December $31,2023$

Debit

Credit

Prepare the journal entries for December $31,2024$ using the effective interest method, and assuming that Concord pays the note on schedule. $($Round answers to $0$ decimal places, e$.$g$.8,971.$ Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries.$)$

Date

Account Titles and Explanation

Debit

Credit

December

$31,2024$

$($To record interest$)$

December

$31,2024$

$($To record collection$)$