Question: The question is attached below. Please help me. Thank you! 5. Fail 2017 On February 1, Packwood sold a building for $600,000, receiving a $100,000

5. Fail 2017 On February 1, Packwood sold a building for $600,000,

The question is attached below. Please help me. Thank you!

5. Fail 2017 On February 1, Packwood sold a building for $600,000, receiving a $100,000 down payment and a 9-month, 10% note for the balance. Principal and interest are due at maturity and the stated 10% interest rate reflected the market rate of interest at the time of sale. On June 30, 20XI, Packwood discounted the note without recourse at a local bank at a 14% discount rate. Round your numbers for this problem to the nearest dollar, Prepare any journal entries on December 31, (I point) How much interest was foregone to receive cash at 12/31/X1? (1/2 point) 5

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