PNW Company knows one of its major vendors is in financial trouble. Against the advice of the accounant, the CEO decides on 5/1/2021, to lend the major vendor $110,000 accepting a 12-month, 6% note. Record the acceptance of the note as of 5/21/2021, the adjusting entry on 12/31/2021, and the cash collection on 5/1/2022. (If no entry is required for a particular 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.)