Fall 2017 On February 1, 20X1, Packwood sold a building for $600,000, receiving a $100,000 down payment and a 9-month, 10% note for the balance. Principal and interest are due at maturity and the stated 10% interest rate reflected the market rate of interest at the time of sale. On June 30, 20X1, Packwood discounted the note without recourse at a local bank at a 14% discount rate. Round your numbers for this problem to the nearest dollar. 5. Prepare any journal entries on December 31, 20X1: (1 point) How much interest was foregone to receive cash at 12/31/X1? (1/2 point) 5