Question: . Preparing Entries and Interest Schedule for Long-Term Note Receivable; Effective Interest Method On April 1, 2020, Mountain Company sold merchandise and received a $24,000,

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

. Preparing Entries and Interest Schedule for Long-Term Note Receivable; Effective Interest Method On April 1, 2020, Mountain Company sold merchandise and received a $24,000, three-year, noninterest-bearing note. The market rate is 10%. Mountain Company has a March 31 year-end. The company uses the effective interest method to amortize any discount. Required Prepare all entries for Mountain Company over the note's term, including year-end adjustments. Note: Round amounts to the nearest whole dollar. Note: If multiple credits are required, list accounts in alphabetical order. Date Account Name Dr. Cr. April 1, 2020 Note Receivable 0 X 0 Discount on Note Receivable 0 0 X Sales Revenue 0 OX Mar 31, 2021 Discount on Note Receivable 0X 0 Interest Revenue 0 0 X Mar. 31, 2022 Discount on Note Receivable 0 X 0 Interest Revenue 0 0 X Mar. 31, 2023 Discount on Note Receivable OX 0 Interest Revenue 0 0 x To record interest on note Mar. 31, 2023 Cash OX 0 Note Receivable 0 0 X To record settlement of

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