Q$2$ Cheyenne Corp. was experiencing cash flow problems and was unable to pay its $$88,200$ account payable to Culver Corp. when it fell due on September $30,2023.$ Culver agreed to substitute a one$-$year note for the open account. The following two options were presented to Cheyenne by Culver:

Option $1$: A one$-$year note for $$88,200$ due September $30,2024.$ Interest at a rate of $8\%$ would be payable at maturity.

Option $2$: A one$-$year non$-$interest$-$bearing note for $$95,256.$ The implied rate of interest is $8\%.$

Assume that Culver has a December $31$ year end.

$($a$)$

Assuming Cheyenne chooses Option $1,$ prepare the entries required on Culver's books on September $30,2023,$ December $31,2023,$ and September $30,2024.($Credit account titles are automatically indented when the amount is entered. Do not indent manually. o entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.$)$