Question $8(13$ marks$)$ PART A $(9$ marks$)$ On January $1,2022,$ ABS Company sold professional services in exchange for a two$-$year, non$-$interest bearing $$55,000$ note. A realistic interest rate for this note is $4\%.$ The note will be paid on December $31,2023.$ ABS Company has a December $31$ yearend.

Required: Prepare an amortization table for the above note for the two years it was outstanding. Show your calculations.

$\backslash$table$[[$Opening Balance,Interest Received,Interest Income,$\backslash$table$[[$Discount$],[$Amortization$]],$Closing Balance$],[,,,,],[,,,,]]$

Prepare all journal entries for ABS Company for $2022.$

$\backslash$table$[[$Date$,$Account Titles and Explanation,Debit,Credit$],[,,,],[,,,],[,,,],[,,,],[,,,]]$

Part B $(4$ marks$)$ DCW Corp has accounts receivable of $$230,000.$ The company transters these accounts receivable to a financial institution. There are no bad debts associated with these accounts receivable. Proceeds of $$222,250$ are received from the transfer. The transfer is on a non$-$notification basis, which means that the customers pay DCW$,$ and DCW remits the cash to the financial institution. The customers pay $$230,000$ to DCW on schedule, and the cash remittance is forwarded to the financial institution.

Required: Record both the journal entry to record the sale$/$derecognition of the receivables and the ournal entry to recognize the payment of the receivables $($if no entry state $"$no entry"$).$

$\backslash$table$[[$Date$,$Account Tites and Explanation,Debit,Credit$],[,,,],[,,,],[,,,]]$

Page $6$

show each and every steps how you get the values