1) Prepare the journal entries on the following ates

On January I, 2022, Ace Company finished landscaping services and accepted in exchange a 10% $400,000 promissory note with a due date of December 31, 2024. Interest is receivable at December 31 each year. Notes with similar risk have a market rate of interest of 5%. Set financial calculator to zero decimal place. Required: (a) Determine the value of the following: PMT $ (b) The present value of the note was $ (c) Prepare a Schedule of Note Discount/Premium Amortization for Ace Company under the effective interest method. Ace Company Schedule of Note Discount/Premium Amortization Effective Interest Method Date an 1, 2022 ec 31, 2022 ec 31, 2023 ec 31, 2024 Jan 1, 2022 Cr. Dec 31, 2023 Cr. Cr. Cash Amortized Amount Interest Carrying Value of Note d) Prepare the journal entries on the following ates: