Zero Coupon Note Crafty Cave Products borrowed $200,000 cash by issuing a 48-month, $246,660 zero coupon note on January 1, 2024. The note matures on December 31, 2027. Required: 1. Prepare the entry to recognize the issuance of the note. If an amount box does not require an entry, leave it blank. Jan. 1 Cash Discount on Notes Payable Notes Payable Record issuance of note at discount 200,000 46,660 246,660 2. Prepare the adjustments to recognize 2025 and 2026 interest. If an amount box does not require an entry, leave it blank. Dec. 31 Interest Expense Discount on Notes Payable 15,553 X 15,553 X Record interest expense Dec. 31 Cash Discount on Notes Payable 3 X Record interest expense 3. Prepare the entry to recognize 2027 interest and repayment of the note at maturity. If an amount box does not require an entry, leave it blank. 2027 Dec. 31 Interest Expense Discount on Notes Payable 15,553 x 15,553 X Record interest expense 2027 Dec. 31 Notes Payable Cash Record repayment of note principal 246,660 246,660