Sawyer Technologies, Inc., provides specialized network solutions for companies in the financial services industry. During the current year, Sawyer completed a network project for Williams Communications. The fair value of the project is not determinable. As part of the agreement, on February $1,$ Sawyer accepted a $$5,005,000,6-$month, zero$-$coupon note receivable at a time when the current market rate of interest was $6\%.$ Sawyer prepares financial statements at its calendar year$-$end only.

Prepare the journal entry to record the transaction and the collection at maturity.

Prepare the journal entry to record the transaction. $($Record debits first, then credits. Exclude explanations from any journal entries.$)$

On February $1,$ Sawyer accepted a $$5,005,000,6-$month, zero$-$coupon note receivable at a time when the current market rate of interest was $6\%.$

$\backslash$table$[[$Account$,$February$1,],[$Notes Receivable,$5,005,000,],[$Service Revenue,,$],[$Discount on Notes Receivable,,$],[,,]]$