Recording Entries for Long-Term Note Receivables Effective Interest Method On January 1, 2020. Jacobs Company sells tand financed through a $24,000 note, issued by Andress Compary. The note is a $24.000, 6% annual interest bearing noto, Andress agrees to repay the $24,000 proceeds on December 31, 2021. The prevailing interest rate on similar notes is 10% Assume that the cost of the land is equal to the fair value of the note. Required Prepare all et ves for sacobs over the note term including any year end adjustments. Use the effective interest method to amortize the discount CE . DI 24000 O 0 0 Date ACCOM Name 1700 Notectie Discount on Not Recewa Land D200C Dnc on cele Interest Here D2021 Cih Discount on Recht Mareste 1 0 D D 0 . 3 24000 Del 112001 Cat te Receable Toronto 9 34000