Teal Mountain Inc. provided several entertainment services to Marigold Corporation in the past. On January 1, 2020, when the receivable for the past services was due, Marigold was unable to pay the outstanding balance. Teal Mountain Inc. agreed to accept a $390,000 non-interest bearing note payable on December 31,2021 . Marigold 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. 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. 1.25124 and final answers to 0 decimal places, eg. 8,971.) Note receivable $ Prepare the journal entry to record this transaction for Teal Mountain Inc. on Jan 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) amounts.) Prepare the journal entries for December 31, 2020 and 2021 using the effective interest method, and assuming that Marigold pays the note on schedule. (Round answers to 0 decimal places, e.g. 8,971. Credit account titles are automatically indented when 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.)