Your answer is partially correct. Kingbird Corporation issued a 5-year, $66,000, zero-interest-bearing note to Garcia Company on January 1, 2020, and received cash of $66.000. In addition, Kingbird agreed to sell merchandise to Garcia at an amountless than regular selling price over the 5- year period. The market rate of interest for similar notes is 11% Prepare Kingbird Corporation's January 1 journal entry. (Round present value factor calculations to 5 decimal places, eg 1.25124 and final answer to O decimal places, eg, 38,548. If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically Indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Credit January 1 Cash Debit 66.000 2020 2854962 Discount on Notes Payable 66,000 Notes Payable 28549.62 Unearned Sales Revenge e Textbook and Media List of Accounts Attempts: 1 of 5 used Submit Answer Save for Later