PLEASE SHOW ALL CALCULATIONS, EVEN HOW YOU GET PERCENTAGES IN ORDER TO DO OTHER CALCULATIONS PLEASE

plan it

On December 31, 2020, Headland Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Headland Co. agreed to accept a $330,600 zero-interest-bearing note due December 31, 2022, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 11%. Headland is much more creditworthy and has various lines of credit at 6%. Click here to view factor table. (a) Prepare the journal entry to record the transaction of December 31, 2020, for the Headland Co. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Notes Receivable 330600 discounts on notes receivable service revenue