On January $1,2023,$ The Riverbed Company received a $4-$year promissory note that had a face value of $$1,045,000,$ and a stated interest rate of $6\%.$ Interest was receivable on January $1$ each year. The note was issued to yield an effective interest rate of $8\%.$ The Riverbed Company is publicly traded, uses the effective interest method of amortization for discounts or premiums, and has an April $30$ year$-$end.

Click here to view the factor table PRESENT VALUE OF $1.$

Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF $1.$

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Use $1.$PV$.1$ Tables, $2.$ a financial calculator, or $3.$ Excel functions to arrive at the amount to record the note receivable. $($Round present value factor calculations to $5$ decimal places, e$.$g$.1\mathrm{.}2512.$ Round answer to $0$ decimal places, e$.$g$.58,971.)$

Note receivable

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