Question #2 (Zero-interest bearing note) In the previous problem The Company borrowed money to finance fabrication of a specialized piece of equipment. What if, instead of borrowing the money at a bank, they decided to sign a non-interest bearing note on the date the contract was signed (August 1). The note will be paid in 5 equal installments of $60,000. An appropriate discount rate is 10%. (I used the tables in Chapter 5; if you use a financial calculator your answer may differ from mine but not by much) Prepare the entries needed at each date of the current year. a. August 1, Current Year (Year 1) b. December 31, Year 2 c. December 31, Year 3