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Cullumber Inc provided several entertainment services to Pina Colada Corporation in the past. On January $1,2023,$ when the receivable for the past services was due, Pina Colada was unable to pay the outstanding balance. Cullumber agreed to accept a $$440,000$ non$-$interest bearing note payable on December $31,2024.$ Pina Colada 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, es$.1\mathrm{.}2512.$ Round answer to O decimal places, eg$.8,971)$

Note receivable

$

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List of Accounts

Prepare the journal entry to record this transaction for Cullumber Inc. on Jan $1,2023.($Credit account titles are automatically indented when the amount is entered. Donot indent manually. If no entry is required, select $"$No Entry" for the account titles and enter Ofor the arnounts. List debit entry before credit entry. Round answers to O decimal places, eg$,8,971.)$

Debit

Credit

Jan. $1,$

$2023$

$q,$

$$

$$

$$

$$

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Question $1$ of $1$

$-1100$

Prepare the journal entry for December $31,2023$ using the effective interest method. $($Round answers to $0$ decimal places, eg$.8,971.$ Credit account titles are automatically indented when the 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. Ust debit entry before credit entry.$)$

Date Account Titles and Explanation

December

$31,2023$

Prepare the journal entries for December $31,2024$ using the effective interest method, and assuming that Pina Colada pays the note on schedule. $($Round answers to $0$ decimal places, es$.8,971.$ Credit account titles ore automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry' for the account titles and enter Ofor the amounts. Lsst all debit entries before credit entries.$)$

Date Account Titles and Explanation

December

$31,2024($To