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  3. windsor corporation issued a 5-year, $68,000, zero

Windsor Corporation issued a 5-year, $68,000, zero-interest-bearing note to Garcia Company on January...

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Accounting

Windsor Corporation issued a 5-year, $68,000, zero-interest-bearing note to Garcia Company on
January 1,2025, and received cash of $68,000. In addition, Windsor 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 12%.
Click here to view factor tables.
Prepare Windsor Corporation's January 1 journal entry. (Round present value factor calculations to 5
decimal places, e.g.1.25124 and final answer to 0 decimal places, e.g.38,548. If no entry is required, select
"No Entry" for the account titles and enter 0 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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