Sheridan Inc. provided several entertainment services to Flint Corporation in the past. On January 1, 2023, when the receivable for the past services was due, Flint was unable to pay the outstanding balance. Sheridan agreed to accept a $360,000 non-interest bearing note payable on December 31, 2024. Flint typically could arrange this kind of financing at an interest rate of 15%. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. (a) Your answer is correct. Use 1. PV.1 Tables, 2. a financial calculator, or 3. Excel functions to arrive at the amount to record the note receivable. (Round present value factor calculations to 5 decimal places, e.g. 1.2512. Round PV tables and Excel function answers to 0 decimal places, e.g. 8,971 and round Financial calculator answer to 2 decimal places, e.g. 89.71.) Prepare the journal entry for December 31, 2023 using the effective interest method. (Round answers to 0 decimal places, e.g. 8,971. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)