On September $1,2023,$ Marin Inc. sold goods to Bramble Corp., a new customer. Before shipping the goods, Marin's credit and

collections department conducted a credit check and determined that Bramble is a high credit$-$risk customer. As a result, Marin did not

provide Bramble with open credit by recording the sale as an account receivable. Instead, Marin required Bramble to provide a non$-$

interest$-$bearing promissory note for $$43,600$ face value, to be repaid in one year. Bramble has a credit rating that requires it to pay

$9\%$ interest on borrowed funds. Marin pays $7\%$ interest on a loan recently obtained from its local bank. Marin has a December $31$ year

end and follows IFRS.

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$)$

$($b$)$

Your answer is partially correct.

Assume that on the note's maturity date, Bramble informs Marin that it is having cash flow problems and can pay Marin only $80\%$

of the note's face value. After extensive discussions with Bramble's management, Marin's credit and collections department

considers the remaining balance of the note uncollectible. Prepare the entry required on Marin's books on the note's maturity

date. $($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.$)$