The assignment is to create two amortization tables for notes receivable. You are to submit an excel spreadsheet. The assignment is as follows: - Pick a principle amount greater than $400,000 but less than $1,200,000 in $25,000 increments. - Pick an annual stated rate between 5% and 12%, whole numbers only. - Pick an annual market rate between 5% and 12%, whole numbers only. - Pick an annual term in years of at least 5 years but no more than 12 years. Build an amortization table in the case of a DISCOUNT on the note. Build an amortization table in the case of a PREMIUM on the note. Show ALL journal entries over the life of the note. 1. Select the following note components: Principal amount $400,000 minimum, $1,200,000 maximimum, $25,000 increments Stated rate 5% annual minimum, 12% annual maximimum, whole percent increments (i.e, not 6.5% ) Market rate 5% annual minimum, 12% annual maximimum, whole percent increments (i.e, not 6.5% ) Term in years 5 year minimum, 12 year maximum, whole years only 2. Calculate the present value of the note. 3. Build the amortization table 4. Record all journal entries for the life of the note, including the initial issuance of the note and the final payment of the note. Follow the formats demonstrated in class. The assignment is to create two amortization tables for notes receivable. You are to submit an excel spreadsheet. The assignment is as follows: - Pick a principle amount greater than $400,000 but less than $1,200,000 in $25,000 increments. - Pick an annual stated rate between 5% and 12%, whole numbers only. - Pick an annual market rate between 5% and 12%, whole numbers only. - Pick an annual term in years of at least 5 years but no more than 12 years. Build an amortization table in the case of a DISCOUNT on the note. Build an amortization table in the case of a PREMIUM on the note. Show ALL journal entries over the life of the note. 1. Select the following note components: Principal amount $400,000 minimum, $1,200,000 maximimum, $25,000 increments Stated rate 5% annual minimum, 12% annual maximimum, whole percent increments (i.e, not 6.5% ) Market rate 5% annual minimum, 12% annual maximimum, whole percent increments (i.e, not 6.5% ) Term in years 5 year minimum, 12 year maximum, whole years only 2. Calculate the present value of the note. 3. Build the amortization table 4. Record all journal entries for the life of the note, including the initial issuance of the note and the final payment of the note. Follow the formats demonstrated in class