journal entry for 1/1/20 and 12/31/20

please show work

On Jan. 1,2020, Bobcat Const. purchased equipment from Gallatin Equipment. Bobcat gave a 0% Interest $124,905 promissory note payable to Gallatin with the following terms. Scenario 2 Loan terms. The note payable terms requires 3 equal payments of $41 635 on December 31 each year. 5 The current market interest rate for similar loans is 12% Instructions Show your calculations! 1) Detemine the fair market value of the note 02) Record Bobcats journal entries for 2020. 11 12 Cash Payment Interest Expense Discount Amortized Unamortized Discount Note Balance Note Carrying Value 13 14 11 Date 15 01/01/20 10 12/31/20 30 21 12/31/21 24.905 124,905 $ 100,000 41.635 12,000 12,000 12.905 83.270 $ 70 365 41.635 8,444 8.444 4.461 41,635 $ 37.174 Tem Not Zero Installment Note Zero Single Post Note Game 41.635 12,000 12.000 12.905 83.270 $ 70.365 16 12/31/20 30 12/31/21 32 12/31/22 41.635 8,444 8.444 4.461 41.6355 37.174 41.635 4.461 4,461 10) 124905 24.905 24.905 Accounting Journal Entries Debit Credit Accounting Journal Entries 01/01/20 12/31/20 mm Note Zero Intament Note Toote YA WE