Preparing Entries and Interest Schedule for Long-Term Note Receivable; Effective Interest Method On April 1 of Year 1, Mountain Company sold merchandise and received a $32,400, three-year, noninterest-bearing note. The market rate is 10%. Mountain Company has a March 31 year-end. Use the effective interest method to amortize any discount. Required Prepare entries for Mountain Company on April 1 of Year 1, and March 31 of Year 2, Year 3, and Year 4. Note: Round answers to the nearest whole dollar. Date Account Name Dr. Cr. April 1, Year 1 Answer Answer Answer To record sale of merchandise. Mar. 31, Year 2 Answer Answer To record interest on note. Mar. 31, Year 3 Answer Answer To record interest on note. Mar. 31, Year 4 Answer Answer To record interest on note Mar. 31, Year 4 Answer Answer To record settlement of