Exercise 3 - 4 On January 1, 2020, James Co. received a 10%, five year note from a customer. Interest is paid every December 31. The note has a face value of P12,000,000. The effective rate on the date of the receipt of the note was 12% 1. Determine the initial amount of the note. 2. Prepare an amortization table to show the balance of the note at the end of each reporting period from 2020 to 2024 3. Compute for the interest income recognized by James during each period from 2020 to 2024