Sweet Acacia Limited has been experiencing increased customer demand for its specialty food products. To meet this demand, thePrepare the journal entry at the end of the first year to record the payment and interest. $($Round answers to $0$ decimal places, e$.$g$.$

$5,275.$ 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.$)$

Account Titles and Explanation

Debit

Credit

Notes Payable

company has bought additional refrigeration units to hold more inventory. To finance this purchase, Sweet Acacia issued a four$-$year

non$-$interest$-$bearing note, with a face value of $$960,000.$ The prevailing interest rate for similar instruments is $9\%.$ The company

agreed to repay the note in four equal instalments. Sweet Acacia used the effective interest method to amortize any premium or

discount. Prepare the journal enry a the end of the first year to record the payment and interest.