Recording Entries for Long-Term Note Receivable; Effective-Interest Method On January 1, 2020, Jacobs Company sells land financed through an $80,000 note, issued by Andress Company. The note is an $80,000,8%, annual interest-bearing note. Andress agrees to repay the $80,000 proceeds on December 31, 2021. The prevailing interest rate on similar notes is 11%. 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 Account Name Dr. Cr. Date Jan 1, 2020 Land Dec 31, 2020 Cash Dec 31, 2021 Cash . 4 To record interest on note Dec 31, 2021 . To record settlement of note Check