On January $2,2024,$ the Midwestern Steam Gas Corporation purchased an industrial furnace. In

payment, Midwestern signed a noninterest$-$bearing note requiring $$50,000$ to be paid on

December $31,2025($two years later$).$ If Midwestern had borrowed cash to buy the furnace, the

bank would have required an interest rate of $10\%.$

Required: Record the journal entry for Midwestern for $1/2/2024,12/31/2024,$ and

$12/31/2025.$