Wildhorse Corporation issued a 4-year, $40,000, zero-interest-bearing note to Garcia Company on January 1, 2017, and received cash of $40,000. In addition, Wildhorse agreed to sell merchandise to Garcia at an amount less than regular selling price over the 4-year period. The market rate of interest for similar notes is 11%. Prepare Wildhorse Corporation's January 1 journal entry. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually Date Account Titles and Explanation Debit Credit January 1, 2017 |Cash 40000 4400 Discount on Notes Payable 40000 Notes Payable Interest Expense 4400