By July 1, 2020, Highland Corp. had performed a significant amount of environmental consulting services for Victors Ltd. Highland agreed to substitute a one-year note for the open account. Highland has a December 31 year end. The following two options were presented to Victors by Highland: Option 1: A one-year note for $105,000 due July 1, 2021. Interest at a rate of 8% would be payable quarterly, starting October 1, 2020, Option 2: A one-year non-interesting bearing note for $95,890 due July 1, 2021. The implied rate of interest is 9.50%. Instructions a. Assuming Victors chooses Option 1, prepare entries required for the above transaction on Highland book on September 30, 2020, October 1, 2020 and July 1, 2021. (6 marks) b. Assuming Victors chooses Option 2, show the calculation to verify the par value of the note receivable. (1 mark) C. Assuming Victors chooses Option 2, prepare entries required for the above transaction on Highland book on December 31, 2020, and July 1, 2021