Question 4 (5 points) Smith Co. accepted a two-year noninterest-bearing note for $242,000 on January 1, 2020. The note was accepted as payment for merchandise with a fair value of $200,000 (Note: this is also the present value of the note at 1/1/20). The interest rate for this type of note would be 10%. Prepare the appropriate year-end adjusting entry that Smith should record for this note on December 31, 2020. Page 4 of 2