On December 11, 2016, Hooper Inc. made a credit sale to Marshall Company and required Marshall to sign a $27,000, 60-day note.

Required:

Prepare the journal entries necessary to record the receipt of the note by Hooper, the accrual of interest on December 31, 2016, and the customers repayment on February 9, 2017, assuming:

1.	Interest of 9% was assessed in addition to the face value of the note.
2.	The note was issued as a $27,000 non-interest-bearing note with a present value of $26,598. The implicit interest rate on the note receivable was 9%. Assume a 360-day year.

*** NUMBER ONE IS SOLVED I JUST NEED THE SECOND PART. PLEASE PUT THE MATH BEHIND THE ANSWER.

Prepare the journal entries necessary to record the receipt of the note by Hooper, the accrual of interest on December 31, 2016, and the customer's repayment on February 9, 2017, assuming the note was issued as a $27,000 non-interest-bearing note with a present value of $26,598. The implicit interest rate on the note receivable was 9%. Assume a 360-day year. Additional Instructions How does grading work? PAGE 12 GENERAL JOURNAL Score: 91/113 ACCOUNT TITLE POST. REF. CREDIT DATE Dec. 11, 2016 DEBIT 27,000.00 Notes Receivable Sales Revenue 26,598.00 402.00 Discount on Notes Receivable Dec. 31, 2016 Discount on Notes Receivable 133.00 Interest Income 133.00 6 Feb. 09, 2017 Cash 27,000.00 269.00 Discount on Notes Receivable Interest Income 269.00 Notes Receivable 27,000.00