Prepare the journal entries for December $31,2024$ using the effective interest method, and assuming that Ayayai 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.$)$

$($To record collection$)$Sandhill inc, provided several entertainment services to Ayayai Corporation in the past. On January $1.2023,$ when the receivatie for, the past services was due, Ayayai was unable to pay the outstanding balance. Sandhill agreed to accept a $\backslash (5510\mathrm{.}000\backslash )$ non$-$interest bearing note payable on December $31,2024.$ Ayayai typically could arrange this kind of financing at an intecest rate of $\backslash (15\backslash \%\backslash )$ Click here to view the factor table PRESENT VALUE OF $1$ Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF $1.($a$)$ Use $1.$ PV$\mathrm{.}1$ Tibles, $2$ 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, es$.1\mathrm{.}2512.$ Round PV tables and Excel furiction answers to O decimal places, es $8,971$ and rourd Financial calculator dnswer to $2$ decimal phaces, $5.8.89\mathrm{.}71.$J