do it on excel and show work

On May 1, 2017 Cool Globe purchases land having a list price of $60,000 by making a down payment of $10,000 cash and issuing a non-interest-bearing note with a face amount of $50,000. The note is due May 1, 2018. Cool Globe would normally have to pay interest at a rate of 12% for such a borrowing, and the dealership has an incremental borrowing rate of 5%. Prepare the necessary entries on May 1 and December 31 assuming the company has a calendar year end and uses the straight-line method of amortization