eBook * Show Me How Calculator Discounting of Notes Payable Instructions Chart of Accounts General Journal Balance Sheet Future Value of 1 Instructions On October 30, 2016. Sanchez Company acquired a piece of machinery and signed a 12-month note for $24,000. The face value of the note includes the price of the machinery and interest. The note is to be paid in four $6,000 quarterly installments. The value of the machinery is the present value of the four quarterly payments discounted at an annual interest rate of 16% Required: 1. Prepare all the journal entries required to record the preceding information including the year-end adjusting entry and any payments Present valve techniques should be used 2. Show how the preceding items would be reported on the December 31, 2016, balance sheet eBook Show Me How Calculator GENERAL JOURNAL Score: 235/259 DATE POST REE DELIT CREDIT Oct. 30, 2016 21.525.16 2.475.84 24,000.00 Dec 31, 2016 ACCOUNT TITLE Machine Discount on Notes Payable Notes Payable Interest Expense Discount on Notes Payable Interest Expense Notes Payable Discount on Notes Payable 645.75 645.75 6 Jan. 31, 2017 871.00 6,000.00 290.00 Cash 6.000.00 10 Apr. 30, 2017 Interest Expense 666.00 Notes Payable 6,000.00 Discount on Notes Payable 666.00 6,000.00 JUL 31, 2017 453.00 Cash Interest Expense Notes Payable Discount on Notes Payable 6.000.00 455.00 6.00000 ignment/takeAssignment Main.do?invoker=&takeAssignmentSessionLocator assignment-take&inprogress=false eBook Show Me How Calculator Apr 30, 2017 666.00 Interest Expense Notes Payable Discount on Notes Payable 6,000.00 666.00 Cash 6,000.00 IN 31, 2017 Interest Expense 453.00 Notes Payable 6.000.00 Discount on Notes Payable 453.00 6.000.00 Oct. 31, 2017 231.00 Interest Expense Notes Payable Discount on Notes Payable 6.000,00 231.00 6.000.00 Point