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Problem 4 [sale with time value of money, IE-type I] On January 1, 2020, ABC contracted with XYZ to manufacture a special-order product to be delivered in 12 months. XYZ is given the option of paying the full price of 120,000 at delivery in 12 months, or prepaying 100,000 on January 1, 2020 (i.e., receives a $20,000 discount by paying up-front). If ABC prepays, no further payment will be required. ABC deems the financing component of the transaction to be significant. XYZ opts to save on the purchase price and prepays the $100,000 on January 1, 2020. 1. Prepare the journal entry made by ABC to record the receipt of the prepayment on January 1, 2020. Enter your answer below. Choose the account from the drop-down list in the yellow cell. Enter the amount of the entry in the green box. Credit Entry on January 1, 2020: Account Cash Deferred revenue Debit $100,000 1 1 $100,000 . Prepare the journal entry made by ABC on December 31, 2020 when delivery occurs. Enter your answer below. Choose the account from the drop-down list in the yellow cell. Enter the amount of the entry in the green box. Credit Entry on December 31, 2020: Account Interest expense Deferred revenue Sales revenue Debit $20,000 $100,000 2 2 2 $120,000