AutoSave OFF BETA Kieso13Ce Brief Exercise 6.14 RATE Multiply Divide_2_evalresponse.xlsx - Read-Only Automate Developer Tell me Home Insert Draw Page Layout Formulas Data Review View Calibri (Body) 12 A A [A v Paste BI U v A - Wrap Text Text 1. 7.7 v Merge & Center %" Conditional Format Formatting as Table Styles Cell Comments Share Insert Delete Format v Sort & Filter Find & Select Analyze Data M N 0 P Q 5 T U V W x Q19 * fx A B 1 Function: RATE; Formula: Multiply, Divide; Cell Referencing 2 3 Using Excel to Calculate the Rate and Record Entries for a Note 4 PROBLEM C D E G H 5 On June 1, 2023, Lee Limited sold goods to Photon Inc. in exchange for a 6 zero-interest-bearing note. Information concerning the transaction follow. Student Work Area Required: Provide input into cells shaded in yellow in this template. Input the required mathematical formulas or functions with cell references to the Problem area or work area as indicated. Determine the effective interest rate imputed in the note using Excel's RATE function. 9 Face amount of note 10 Term of note in years 11 Selling price of goods exchanged 12 Inventory cost of goods on Parnevik's books 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Enter Summary Enter Answer Accessibility: Investigate $ 852,210 5 580,000 410,000 Effective rate 8.00% Prepare the journal entries for Lee on June 1, 2023, and December 31, 2023. Date 6-1-23 Notes Receivable Sales Revenue Debit 580,000 Credit 580,000 Cost of Goods Sold Inventory 410,000 410,000 12-31-23 Notes Receivable 27,067 Interest Income 27,067 100%