Omega Chemicals Ltd$.$ took a $$590,000$ two$-$year note receivable from a customer in connection with a major sale transaction on $1$ December year$-$end.

$($PV of $$1.$ PVA of $$1,$ and PVAD of $$1)($Use appropriate factor$($s$)$ from the tables provided.$)$

Required:

Prepare journal entries to record the initial sale transaction and each payment on the books of Omega, assuming that the market interest rate is $6\%.($Do not round intermediate calculations. If no entry is required for a transaction$/$event$,$ select $"$No journal entr$)$ required" in the first account field. Round time value factor to $5$ decimal places and final answers to the nearest whole dollar amount.$)$

Record Journal entries for:

Record the initial sales revenue.

Record the accrued interest.

Record the receipt of interest revenue.

Record the accrued interest.

Record the receipt of notes receivable and interest.

Assume now that the market interest rate is $7\%.$ Calculate the present value of the note, and prepare a schedule that shows the interest for each year of the note receivable. $($Round time value factor to $5$ decimal places and intermediate calculations and final answers to the nearest whole dollar amount. Enter all answers in positive.$)$

Present value

$$

$\backslash$table$[[\backslash$table$[[$Oponing Net$],[$Llabilityl$],[$Recelvable$]],\backslash$table$[[$Interest$],[$Expense$/$Revenue$]],\backslash$table$[[$Interest Paidl$],[$Received$]],\backslash$table$[[$Discount$],[$Amortization$]],\backslash$table$[[$Closing Not$],[$Llabilityl$],[$Recelvable$]]],[,,,,],[,,,,]]$

Prepare journal entries to record the initial sale transaction and each payment on the books of Omega, consistent with requirement $2.$ Use the gross method to record the note. Record Journal entries for:

Record the initial sales revenue.

Record the accrued interest.

Record the receipt of interest revenue.

Record the accrued interest.

Record the receipt of notes receivable and interest.