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Exercise 14-18 On January 1, 2017, Sunland Co, borowed and received 5480,000 from a major customer evidenced by a zero-interest-bearing note due in 5 years. As consideration for the zero-interest-beaning teature, Sunland agrees to supply the customer's inventory needs for the loan period at lower than the market price. The appropriate rate at which to impute interest is 10%. (a) Prepare the joumal entry to record the initial transaction on January 1, 2017, (b) Prepare the joumal entry to record any adjusting entrics neaded at Danemher 31, 2017. Assume that the salas of Surland's preduct to this customer occur evanly ave Round present value factor alculations to 5 decimal p aces, e q 1.25 124 and decimal places e q 58,911. If no entry i at loner the -ear perind required, select No Entry for the account titles ?nd enter 0 for the amounts C Credit account titles are automatically indented when amount is entered. Do not indent manually) No. (a) anuary 1, 2017 t manually.) nd the final Account Tides and Explanation Debit 488000 Discounit on Notes Payable Notes Payahle Unearned Sales Revenue (b) December 31, 2017 Interest Expense Discount on Notes Payable (To record tn terast Expensa) becember 31,2017 Unearned Sales Revenue Sales Revenue