Concord Corporation, a publicly-traded company, agreed to loan money to another company. On July 1, 2023, the company received a five-year promissory note with a face value of $505,000, 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%. Concord 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. (b) Your answer is correct. Prepare a schedule of note premium/discount amortization schedule. (Round answers to O decimal places, e.g. 58,971.) Schedule of Note Discount Amortization Effective Interest Method Cash Received Interest Income Discount Amortized Carrying Amount 483728 25250 29024 $ 3774 487502 25250 29250 4000 491502 25250 29490 4240 495742 25250 29745 4495 500237 25250 30013 4763 505000 126250 $ 147522 21272 eTextbook and Media List of Accounts Attempts: 2 of 15 used (c) Prepare the journal entries to record the issue of the note on July 1, 2023. (Round answers to O decimal places, e.g. 58,971. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date July 1, 2023 Account Titles and Explanation eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 15 used Submit