On February 1 , 2 0 2 0 , the Greece Corp., which maintains a perpetual inventory system, acquired merchandise inventory by signing a two - year, 1 4 % , $ 8 0 , 0 0 0 note payable. On this date, the market interest rate on a note of this type is 8 % . This note pays interest semiannually on February 1 and August 1 of each year. 

Required:

a$.$ Using the NPV function in Excel, compute the present value of this note.

b$.$ Record the acquisition of this merchandise inventory on February $1,2020.$

c$.$ Prepare a complete effective$-$interest$-$rate schedule for this note in Excel or on paper.

d$.$ Make the necessary August $1,2020,$ entry related to this note.

e$.$ Make the necessary December $31,2020,$ adjusting entry$($ies$)$ related to this note.

f$.$ Make all of the necessary February $1,2021,$ entry$($ies$)$ related to this note