Example 14. S: iN Min Corporation, a calendar-year company, borrowed $1,000,000 on August 15, 2015, The note specifies an 32 interest rate and is due in three years, lnterest is paid quarterly. The fiscal year ends on December 31. The current market rate id 12M interest is compounded quarterly. IN Min prepares quartedly financlal statements. Prepare the amortization table for the note and the journal entries for 2015 , When we lssue this notes payable, we peomise to pay: (1) Cash interest erery quarter a face Value of the Notes Payable x Caurterly shated rate (2) Princieat of \$1,000,000 at the end of the Ind year Every Quarter we will pay cash interest The notes payable is issued at a discount of 599.540 .00 = Face Value - Present Value of the Nates Payable 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 A.B.cb16HFaceValueoftheNotesPayable$1.000,000ThenotespayableisissuedatadiscesntofPresentvalueoftheNotesPayable$99,540.00-FaceValue-PresentVafioeoftheNatesPayable$900,46000 m face Value