Recording Entries for a Zero$-$Interest$-$Bearing Note Payable

Fox Co$.$ purchases land on January $1$ of Year $1$ and issues a $3-$year, $$75,000$ zero$-$interest$-$bearing note as payment. The market rate is $10\%,$ and Fox Co$.$ uses the effective interest method to amortize discounts and premiums.

Required

Stated interest $=0\%$

Stated Rate $=5\%$

a$.$ Prepare a debt amortization schedule for the note.

Note: Round your answers to the nearest whole dollar. Do not use negative signs with your answers.

b$.$ Prepare the entry for issuance of the note in exchange for land on January $1$ of Year $1.$

$\backslash$table$[[$Date$,$Account Name,Dr$.,$Cr$.,],[$Jan$.1,$ Year $1,,,0,0],[,,,0,0],[,,,0,0]]$