Ivanhoe Corporation issued a $4-$year, $$52,000,$ zero$-$interest$-$bearing note to Garcia Company on January $1,2025,$ and received cash of

$$52,000.$ In addition, Ivanhoe agreed to sell merchandise to Garcia at an amount less than regular selling price over the $4-$year period.

The market rate of interest for similar notes is $11\%.$

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Prepare Ivanhoe Corporation's January $1$ journal entry. $($Round present value factor calculations to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and final

answer to O decimal places, e$.$g$.38,548.$ 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. List all debit entries before credit entries.$)$

Account Titles and Explanation

Cash

Date

January $1,$

$2025$

Debit

Credit

$52000$

Discount on Notes Payable

Notes Payable

$52000$

Unearned Sales Revenue