Please answer $5,6,$ and $7$

On January $2,20$Y$2,$ General Motors $($GM$)$ sold a Yukon Denali to a customer in exchange for a five$-$year, $\backslash (\backslash$$ $70,000\backslash )$ face value note as payment. $\backslash (3\backslash \%\backslash )$ interest is due each December $31$ for the duration of the note. The customer's market rate of borrowing was $\backslash (5\backslash \%\backslash ).$ This specific car model has a cost of $\backslash$$$55,000.$

Answer the following questions regarding the sale. Round all amounts to the nearest whole dollar.

$1.$ Was the note issued at a discount or a premium?

$2.$ What is the fair market value $($selling price$)$ of the SUV on the date of sale?

$3.$ What is the gross profit on the date of sale of inventory?

$4.$ How does this transaction affect General Motor's balance sheet on the date of the sale? Please include account names, dollar values, and whether the account increased $($D$)$ or decreased $($D$).5.$ What is the amount of interest revenue recognized by GM in $20$Y$2?$

$6.$ What is the amount of cash interest received by GM in $20$Y$2?$

$7.$ What is the carrying value of the note receivable on December $31,20$Y$2?$

NOTES RECEIVABLES $[10$ POINTS$]$

BACKGROUND

REQUIRED

On January $2,20$Y$2,$ General Motors $($GM$)$ sold a Yukon Denali to a customer in exchange for a

five$-$year, $$70,000$ face value note as payment. $3\%$ interest is due each December $31$ for the

duration of the note. The customer's market rate of borrowing was $5\%.$ This specific car model

has a cost of $$55,000.$

Answer the following questions regarding the sale. Round all amounts to the nearest whole dollar.

Was the note issued at a discount or a premium?

What is the fair market value $($selling price$)$ of the SUV on the date of sale?

What is the gross profit on the date of sale of inventory?

How does this transaction affect General Motor's balance sheet on the date of the sale? Please include account

names, dollar values, and whether the account increased $($D$)$ or decreased $($D$).$