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By December 31,2023, Pina Corp. had performed a significant amount of environmental consulting services for...

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Accounting

By December 31,2023, Pina Corp. had performed a significant amount of environmental consulting services for Blossom Ltd. Blossom was short of cash, and Pina agreed to accept a $183,000, non-interestbearing note due December 31,2025, as payment in full. Blossom is a bit of a credit risk and typically borrows funds at a rate of 15%. Pina is much more creditworthy and has various lines of credit at 9%. Pina reports under IFRS. The tables in this problem are to be used as a reference for this problem.
Click here to view the factor table PRESENT VALUE OF 1.
Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1.
(a)
Your answer is incorrect.
Prepare the journal entry to record the transaction on December 31,2023, for Pina. (For calculation purposes, use 5 decimal places as displayed in the factor table provided. 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 0 for the amounts. List all debit entries before credit entries. Round answers to 0 decimal places, e.g.58,971.)
Account Titles and Explanation
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