•On December 31, 2012, Ed Abbey Co. performed environmental consulting services for Hayduke Co.Hayduke was short of cash, and Abbey Co. agreed to accept a $338,500 zero-interest-bearing note due December 31, •2014, as payment in full. •Hayduke typically borrows funds at a rate of 11%. •Abbey is much more creditworthy and has various lines of credit at 6%. •Prepare the journal entry to record the transaction of December 31, 2012, for the Ed Abbey Co.

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