Question 7 (5 points) On January 1, 2021, Wilbur Co. issued a non-interest bearing, $200,000, five-year note receivable The applicable effective interest rate in 8%. Record the journal entry for the receipt of the note. PV of $1 PV of Annuity 8% 0 8% 1 0.9259 1 0.9259 2 0.8573 2 1.7833 3 0.7938 3 2.5771 4 0.735 4 3.3121 5 0.6806 5 3.9927 6 0.6302 6 4.6229 7 0.5835 7 5.2064 8 0.5403 8 5.7466 a) Dr. Note Receivable $200,000 Cr. Discount on Notes Receivable Cr. Cash $63,880 $136,120 b) Dr. Note Receivable Cr. Cash $136,120 $136,120