Rainy River Company provided engineering consulting services to Magoo Corporation in the past. On January 1, 2022, when the receivable for past services was due, Magoo was unable to pay the outstanding balance. Rainy River agreed to accept a non-interest bearing note due on December 31, 2024. Rainy River has a year end of December 31. Other information pertaining to the arrangement follows: Maturity value of the note Interest rate at which Magoo would typically arrange financing $ 514,000 12% Required: a) Prepare the journal entry for Rainy River to record the conversion of the account receivable to a note receivable on January 1, 2022. b) Prepare any journal entries required for Rainy River on December 31, 2022, December 31, 2023, and December 31, 2024. Use the effective interest method and assume that Magoo pays the note on the scheduled date