Problem $5$:

The Irby Firm loaned Soltis Inc. $$147,812.$ The Irby Firm accepted Soltis Inc.$\text{'}$s $3-$year $$186,200,$ zero$-$interest$-$bearing note with an implied interest rate of $8\mathrm{.}00$ percent.

Required: Prepare the following journal entries using the provided ledger. Round all values to the nearest dollar.

$($a$)$: Prepare the journal entry for the initial transaction for the Irby Firm.

$\backslash$table$[[$Reference:$,$Account Title:,Debit:,Credit:$],[$Issuance$,$type your answer...,type your answer...,type your answer...$],[,$type your answer...,type your answer...,type your answer...$],[,$type your answer...,type your answer...,type your answer...$]]$

$($b$)$: Prepare the journal entry for the recognition of interest in year $1$ for the Irby Firm.

$\backslash$table$[[$Reference:$,$Account Title:,Debit:,Credit:$],[$Year $1,$type your answer...,type your answer...,$],[,$type your answer...,type your answer...,$]]$

$($c$)$: Prepare the journal entry for the recognition of interest in year $2$ for the Irby Firm.

$\backslash$table$[[$Reference:$,$Account Title:,Debit:,Credit:$],[$Year $2,$type your answer...,type your answer...,type your answer...$],[,$type your answer...,type your answer...,$]]$

$($d$)$: Prepare the journal entry for the recognition of interest in year $3$ for the Irby Firm.

$\backslash$table$[[$Reference:$,$Account Title:,Debit:,Credit:$],[$Year $3,$type your answer...,type your answer...,type your answer...$],[,$type your answer...,type your answer...,$]]$