On October 1, 2023, Pronghorn Corp. sold a harvesting machine to Pearl Industries. Instead of a cash payment, Pearl Industries gave Pronghorn a $240,000, two-year, 9% note; 9% is a realistic rate for a note of this type. The note required interest to be paid annually on October 1, beginning October 1,2024. Pronghorn's financial statements are prepared on a calendar-year basis. (a) Your answer has been saved. See score details after the due date. Assuming that no reversing entries are used and that Pearl Industries fulfills all the terms of the note, prepare the necessary journal entries for Pronghorn for the entire term of the note. (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.) Repeat the journal entries under the assumption that Pronghorn uses reversing entries. (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.)
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