On March $1,2023,$ Wildhorse Company sold goods to Indigo Inc. for $$624,000$ in exchange for a five$-$year, zero$-$interest$-$bearing note in the face amount of $$916,861.$ The goods have an inventory cost on Wildhorse's books of $$369,000.$

$($a$1)$

Determine the effective interest rate imputed in the note using Excel or a financial calculator. $($Round answer to $0$ decimal places, e$.$g$.25\%)$

Effective interest rate $\%($a$2).$

Prepare the journal entries for Wildhorse on March $1,2023.($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.$)$

Date

March $1,2023$

$($To record sales$)$

Account Titles and Explanation

$$

$$

$$

$$

$($b$)$

Prepare the journal entry for Wildhorse on December $31,2023.($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. Round answers to $0$ decimal places, e$.$g$.5,275.$ List debit entry before credit entry.$)$

$\backslash$table$[[$Date$,$Account Titles and Explanation,Debit,Credit$],[$December $31,2023,,,$