Cambria Limited took a $250,000 two-year note receviable 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 4%, and the principal was due at the end of 20X6.

Assume now that the market interest rate is 8%. 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.)

Opening Net Liability/Receivalbe ___________

Interest Expense/Revenue ______________

Interest Paid/Received ____________

Discount Amortization ___________

Closing Net Liability/Receivable ___________