Ayayai Corporation issued a 4-year, $41,000, 4% note to Greenbush Company on January 1, 2017, and received a computer that normally sells for $31,038. The note requires annual interest payments each December 31. The market rate of interest for a note of similar risk is 12%.
Prepare Ayayai's journal entries for (a) the January 1 issuance and (b) the December 31 interest.(Round answers 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 amount is entered. Do not indent manually.)
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