Recording Entries for Long-Term Note Receivable; Effective-Interest Method On January 1, 2020, Jacobs Company sells land financed through a $16,000 note, issued by Andress Company. The note is a $16,000, 4%, annual interest-bearing note. Andress agrees to repay the $16,000 proceeds on December 31, 2021. The prevailing interest rate on similar notes is 8%. Assume that the cost of the land is equal to the fair value of the note. Required Prepare all entries for Jacobs over the note term, including any year-end adjustments. Use the effective interest method to amortize the discount. Date Dr. Cr. Account Name Note Receivable Jan. 1, 2020 0 0 Discount on Note Receivable 0 0 > Land 0 0 0 0 Dec. 31, 2020 Cash Discount on Note Receivable 0 0 Interest Revenue 0 0 0 0 Dec. 31, 2021 Cash Discount on Note Receivable 0 0 Interest Revenue 0 0 To record interest on note 0 0 Dec. 31, 2021 Cash Note Receivable . 0 0 To record settlement of