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Skysong Corporation issued a 5-year, $84,000, zero-interest-bearing note to Garcia Company on January 1, 2025, and received cash of $84,000. In addition, Skysong agreed to sell merchandise to Garcia at an amount less than regular selling price over the 5-year period. The market rate of interest for similar notes is 11%. Click here to view factor tables. Prepare Skysong Corporation's January 1 journal entry. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date January 1, 2025 Account Titles and Explanation Debit Credit

Skysong Corporation issued a 5-year, $84,000, zero-interest-bearing note to Garcia Company on January 1, 2025, and recelved cash of $84,000, In addition, Skysong agreed to self merchandise to Garcia at an amount less than regular selling price over the 5-year period, The market rate of interest for similar notes is 11%. Click here to view factor tables. Prepare Skysong Corporation's January 1 journal entry. (Round present value foctor calculations to 5 decimal ploces, 28.1251 .24 and final answer to 0 decimal ploces, es. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit. account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)

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