On December $31,2019,$ Green Company finished consulting services and accepted in exchange a promissory note with a face value of $$800,000,$ a due date of December $31,2022,$ and a stated rate of $5\%,$ with interest due at the end of each year starting December $31,2020.$ The fair value of the services is not readily determinable, and the note is not readily marketable. Under the circumstances, the note is considered to have an appropriate imputed market rate of interest of $10\%.$

a$.$ Record the journal entry required on December $31,2019$

b$.$ Record the journal entry required on December $31,2020$