Blue Spruce Corporation, a publicly-traded company, agreed to loan money to another company. On July 1, 2020, the company received a five-year promissory note with a face value of $502,000, paying interest at a face rate of 5% on July 1 each year. The note was issued to yield an effective interest rate of 6%. Blue Spruce used the effective interest method of amortization for discounts or premiums, and the company's year-end is September 30. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Your answer is correct. Use 1. PV.1 Tables, 2. a financial calculator, or 3. Excel functions to arrive at the amount to record the note receivable. (Round present value factor calculations to 5 decimal places, e.g. 1.25125 and the final answer to O decimal places, e.g. 58,971.) Note receivable $ 480854 d- Cash Received Interest Income Discount Amortized Carrying Amount ate m- yr) ul- 0 - 4808 25100 28851 3751 4846 ul- 25100 29076 3976 4885 2 ul- 25100 29314 4214 4927 3 ul- 25100 29567 4467 4972 4 ul- 25100 29035 5 4735 5019 . MacBook Pro Cash Received Interest Income Discount Amortized Carrying Amount 480854 25100 28851 3751 484605 25100 29076 3976 488581 25100 29314 4214 492795 25100 29567 4467 497262 25100 29835 4735 501997 125500 146643 $ 21143 Prepare the journal entries to record the issue of the note on July 1, 2020, and any required accrual entries at the company's year- end on September 30, 2020. Finally, prepare the journal entry to record the first cash collection received on July 1, 2021 for Blue Spruce Corporation. (Round answers to O decimal places, e.g. 58,971. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 2020 Account Titles and Explanation Notes Receivable Cash Interest Receivable Notes Receivable Interest Income Cash Notes Receivable Interest Receivable Interest Income Debit 480854 25100 Credit 480854 7212