On January $1,2021,$ P$$cheuse Ltee sold a fishing vessel to a customer in exchange for a five year $450,000$ promissory note with an annual interest rate of $5\%.$ Interest only payments are due SEMI$-$ANNUALLY, beginning on June $30,2021.$ The market rate for an equivalent loan to this customer would have been $8\%*.$ P$$cheuse Ltee uses IFRS, has a Dec $31$ year end, and prepares adjusting entries annually.

a$)$ Using the present value tables in the textbook Calculate the amount of revenue to be recorded on January $1$st $2021$ by P$$cheuse Ltee for the sale of the fishing boat.

b$)$ Prepare the journal entries for P$$cheuse Ltee. at Jan $1,2021,$ June $30,2021,$ and Dec $31,2021.($Show all calculations.$)$

c$)$ Prepare the note amortization schedule. Be sure to show the all the semi$-$annual interest payments and the payment of the note on Jan $1,2026.$

$*$HINT: Interest rates are always quoted on an annual basis