SDSU Aztecs accepted a noninterest bearing note with a two-year term on January 1, 2023 for $1,166,400. The note was used as payment for goods with a $1 million fair value. Effective interest for the note is 8%. How should the company record cash collections on December 31, 2024? Multiple Choice \begin{tabular}{|cc|} \hline Account Title & Debit Credit \\ Cash & 1,166,400 \\ Notes receivable & 1,166,400 \end{tabular} \begin{tabular}{lrr} \hline Account Title & Debit & Credit \\ \hline Cash & 1,166,400 \\ Notes receivable & 1,000,000 \\ Discount on notes receivable & 166,400 \end{tabular}