Question 4 of 6 1.28 / 1.5 You are viewing Attempt 1/Continue Work Your answer is partially correct. Headland Corporation issued a 4-year, $30,000, 4% note to Greenbush Company on January 1, 2020, and received a computer that normally sells for $24,294. The note requires annual interest payments each December 31. The market rate of interest for a note of similar risk is 10%. Prepare Headland's journal entries for (a) the January 1 issuance and (b) the December 31 interest. (Round answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit in. 1, 2020 Cash 24,294 Discount on Notes Payable 5706 Notes Payable 30000 ec. 31, 2020 Interest Expense 2429 Discount on Notes Payable 1200 Cash 1229