3 Assume that the Service company provided services to Smith Company on October 1, 2021, 4 accepting a $500,000, three-year note in payment for the services, assuming a 10% effective interest rate. 5 6 Required: 7 1. Complete the amortization schedule below showing the excel formulas as 8 we did in the demonstration problem. 9 2. Record all required journal entries for the receipt of the note, 10 amortization of the note and the collection on the note. (See below) 13 Interest Rate 14 NUMBER OF PERIODS 15 16 FACE VALUE 17 Principal on Note Receivable 18 PRESENT VALUE OF Note 19 Discount on Note 20 21 22 AMORTIZATION SCHEDULE 23 D E F 24 Present D AMORTIZATION SCHEDULE E F Present Value Of Note Discount Sales Balance Revenue Debit, Disc Credit on Notes Interest Principal DATE Receivable Revenue on Note 0 1 2 3 NP Journal Entries DEBIT CREDIT 10/01/202 12/31/202 eet1 Sheet2 Sheet3 Journal Entries DEBIT CREDIT 36 37 38 10/01/202 39 40 41 42 43 12/31/202 44 45 46 12/31/202 47 48 49 12/31/202 50 51 52 53 09/30/202 54