**Help with Problem C**

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 $320,800 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 10%. Metlock is much more creditworthy and has various lines of credit at 6%. **i need help with problem b***

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 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

a)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 0 decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date	journal	debit	credit
December31 2020	Notes receivable	320800
	Discount on notes receivable		55676
	Sales revenue		265124

b)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 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

b)

Date	Account title	Debit	Credit
31 - Dec 2021	Discount on note receivable	26,512
	Interest revenue (2,65,124 10%)		26,512

C)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 0 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
	(To record interest revenue)
	(To record collection of note)