Cambria Limited took a $220,000 two-year note receivable from a customer in connection with a major inventory sale transaction on 1 January 20X5. The note required annual end-of-year interest payments of 6%, and the principal was due at the end of 20X6. PV of $1. PVA of $1. and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare journal entries to record the initial sale transaction and each payment on the books of Cambria, assuming that the market interest rate is 6%. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Roun time value factor to 5 decimal places and final answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet 1 2 3 Record the initial sales revenue. Note: Enter debits before credits Debit Date Credit General Journal Prey 2 of 4 Next > ch O 2. Assume now that the market interest rate is 12% Calculate the present value of the note, and prepare a schedule that shows the annual interest. (Round time value factor to 5 decimal places and final answers to the nearest whole dollar amount. Enter all answers in positive.) Present value Opening Net Liability Receivable Interest Expense/Revenue Interest Paid/ Received Discount Amortization Closing Net Liability Receivable