Preparing Entries and Interest Schedule for Long$-$Term Note Receivable; Effective Interest Method

Required

a$.$ Compute the present value of this note.

b$.$ Prepare an effective interest schedule for this note.

c$.$ Prepare entries required by Stealth for this note on January $1$ of Year $1,$ and December $31$ of Year $1,$ Year $2,$ and Year $3.$

Note: Round answers to the nearest whole dollar.

a$.$ Present value of note:

b$.$

$\backslash$table$[[$Date$,,\backslash$table$[[$Cash$],[($Stated$],[$Interest$)]],,\backslash$table$[[$Interest$],[$Revenue$],[($Atarket$],[$Interest$)]],\backslash$table$[[$Discount on$],[$N$.$R$.],[$Amortization$]],\backslash$table$[[$Note$],[$Recelvable$,],[$Net$],[($Carrying$],[$Value$)]]],[$Jan$.1,$ Year $1,,,,,,91,677$