Preparing Entries and Interest Schedule for Long-Term Note Receivable; Effective Interest Method On July 1, 2020, Stealth Company sold a machine (classified as inventory) that had a list price of $28,800. The customer paid $4,800 cash and signed a three-year, $24,000 note that specified a stated interest rate of 3%. Annual interest on the full amount of the principal is payable each June 30. The principal is payable on June 30, 2023. The market rate of interest for a note of this risk is 6%. Required a. Compute the present value of this note. b. Prepare an effective interest schedule for this note. Stated Market Discount Note Date Interest Interest Amortization Carrying Value Jul 1, 2020 Jun 30, 2021 $ $ $ Jun 30, 2022 Jun 30, 2023 c. Prepare all entries required by Stealth for this note through its maturity date, including year-end adjustments. Date Account Name Dr. Cr. Jul 1, 2020 2 4,800 Sales Revenue Jun 30, 2021 Cash . Jun 30, 2022 Cash 00 Jun 30, 2023 Cash e To record interest on note Jun 30, 2023 To record settlement of note Check