On December $31,2023,$ Green Company finished consultation services and accepted in exchange a promissory note with a face value of

$400,000,$ with a due date of December $31,2026,$ and a stated rate of $5\%,$ with interest receivable at the end of each year.

The market interest rate for a similar type of note is considered to have an appropriate rate of interest of $10\%.$

Required:

$($a$)$ Determine the present value of the note.

$($b$)$ Prepare the journal that Green Company need to prepare when receiving this note.

$($c$)$ Prepare a Schedule of Note Discount Amortization for Green Company under the effective interest method. $($Round to whole dollars.$)$

$($d$)$ Prepare journal entry to record the receipt of interest from the note on Dec $31,2024.$