Your answer is partially correct. Try again. Assuming Metlock Co.'s fiscal year-end is December 31, prepare the journal entry for December 31, 2022. (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 the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec 31, 2022 Discount on Notes Receiva Interest Revenue (To record interest revenue) Cash Discount on Notes Receiva|| (To record collection of note) Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION Exercise 7-14 On December 31, 2020, Metlock Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Metlock Co. agreed to accept a $330,600 zero-interest-bearing note due December 31, 2022, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 11%. Metlock is much more creditworthy and has various lines of credit at 6%. Your answer is partially correct. Try again. Prepare the journal entry to record the transaction of December 31, 2020, for the Metlock Co. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 5,275. 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 the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Notes Receivable 330600 Discount on Notes Rece 62285.04 Service Revenue 268314.96 SHOW LIST OF ACCOUNTS SHOW SOLUTION Your answer is partially correct. Try again. Assuming Metlock Co.'s fiscal year-end is December 31, prepare the journal entry for December 31, 2021. (Round answers to 0 decimal places, e.g. 5,275. 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 the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2021 Discount on Notes Receiva Interest Revenue SHOW LIST OF ACCOUNTS SHOW SOLUTION