Dharma, a private company, sold a piece of equipment at the beginning of Year 1, receiving a $16,000, two-year 1% note. Interest is pald at the end of each year. Market Interest rates are assumed to be 10%. Also, it has elected to use straight-line amortization PV of $1. PVA of S1, and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Calculate the present value of the note receivable. (Round time value factor to 5 decimal places. Round Intermediate and final answer to the nearest whole dollar amount.) Procent value 2. Prepare entries for the sale, Interest revenue, and cash collection each year for two years. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round time value factor to 5 decimal places. Round Intermediate and final answer to the nearest whole dollar amount.) points View transaction list Journal entry worksheet Record the sale and not receivable NoteEnter the credits Transaction General Journal Debit Credit Sales revenue on not ovat Record entry Clear entry View general journal 2. Prepare entries for the sale, interest revenue, and cash collection each year for two years. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field. Round time value factor to 5 decimal pla Intermediate and final answer to the nearest whole dollar amount.) View transaction list Journal entry worksheet