signment 3 Estimated time: 20 to 25 minutes Handing out: 2016-06-28 grade Due: 2016-07-26 at the beginning of class. Suggested solution will be posted shortly thereafter, therefore, late assignment will not be accepted. Theme: Notes receivable; PV; effective interest rate method On December 31, 2013, Coho Corp. sold product to Ling Limited, accepting a 3%, four-year promissory note of 54007000 in exchange. Interest is payable annually on December 31, starting December 31, 2014. Market interest rate appropriate for Ling's risk profile is 8%. The product sold is carried on Coho's books at a manufactured cost of S2S5,000. Assume Coho uses the perpetual inventory system. Instructions Showing all calculations, on Coho's books, a. b. d. Prepare the required journal entries to record the transaction at December 31, 2013. Assume that the effective interest method is used. Use the interest tables on the following page (if needed) and round all values to the nearest dollar. Prepare all appropriate entries for 2014 in relation to this note. Prepare all appropriate entries for 201 S in relation to this note. Prepare all appropriate entries for 2016 in relation to this note. Prepare all appropriate entries for 2017 in relation to this note.