Ivanhoe Inc. provided several entertainment services to Pronghorn Corporation in the past. On January 1, 2023,...

 

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Ivanhoe Inc. provided several entertainment services to Pronghorn Corporation in the past. On January 1, 2023, when the receivable for the past services was due, Pronghorn was unable to pay the outstanding balance. Ivanhoe agreed to accept a $450,000 non- interest bearing note payable on December 31, 2024. Pronghorn typically could arrange this kind of financing at an interest rate of 15%. Prepare the journal entry to record this transaction for Ivanhoe Inc. on Jan 1, 2023. (Credit ad when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for th amounts. List all debit entries before credit entries. Round answers to O decimal places, e.g. 8,971.) Date Account Titles and Explanation Jan. 1, 2023 Debit 34 Ivanhoe Inc. provided several entertainment services to Pronghorn Corporation in the past. On January 1, 2023, when the receivable for the past services was due, Pronghorn was unable to pay the outstanding balance. Ivanhoe agreed to accept a $450,000 non- interest bearing note payable on December 31, 2024. Pronghorn typically could arrange this kind of financing at an interest rate of 15%. Prepare the journal entry to record this transaction for Ivanhoe Inc. on Jan 1, 2023. (Credit ad when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for th amounts. List all debit entries before credit entries. Round answers to O decimal places, e.g. 8,971.) Date Account Titles and Explanation Jan. 1, 2023 Debit 34

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