During 2019, Mitchel Company sold goods to Jones Company totaling $51,818. When Jones was unable to meet Mitchels normal terms, Mitchel accepted from Jones a $60,000, 3-year non-interest-bearing note due 1/1/23. (Mitchel has accepted notes in the past in settlement of open accounts, and Mitchel is carrying another similar Note Receivable with a stated interest rate of 6%.)

(a) Prepare Mitchels journal entry on 1/1/20 when the note was signed

(b) Prepare a table which shows the amortization of bond discount over the life of the note.

(c) What is the 12/31/21 adjusting entry that will be recorded by Mitchel?

(d) What is the purpose of the journal entry at 12/31/21?

Please show all work. Trying to understand this, thank you!