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Notes issued at a discount Face value of notes 4,000,000 Nominal rate 6% Effective rate 8% The note is issued on January 1, 2017 and mature in four years on January 1, 2021. The interest is payable annually every December 31. Since the interest is payable annually there are 4 interest periods. The relevant present value factors are: PV of 1 at 8% for 4 periods 7350 PV of ordinary annuity of 1 at 8% for 4 periods 3.3121Instructions: (a) Compute for the present value of the note as issue date Present value of principal Present value of annual interest payments Total Present Value of notes (b) Compute for the discount Face value Market value or issue price Discount on notes payable (c) Prepare the amortization table Date Interest Paid Interest Expense Discount Amortization Carrying Amount January 1, 2017 December 31, 2017 December 31, 2018 December 31, 2019 December 31, 2020 v