On December 31, 2019, Sheridan Company finished consulting services and accepted in exchange a promissory note with a face value of $820,000, a due date of December 31, 2022, and a stated rate of 6%, with interest receivable at the end of each year. The fair value of the services is not readily determinable and the note is not readily marketable. Under the circumstances, the note is considered to have an appropriate imputed rate of interest of 12% The following interest factors are provided: Table Factors For Three Periods Future Value of 1 Present Value of 1 Future Value of Ordinary Annuity of 1 Present Value of Ordinary Annuity of 1 Interest Rate 6% 12% 1.19102 1.40493 0.83962 0.71178 3.18360 3.37440 2.67301 240183 Your answer is incorrect. Determine the present value of the note, $ Present value of the note Prepare a Schedule of Note Discount Amortization for Sheridan Company under the effective interest method. (Round answers to O decimal places, eg. 5,275.) Unamortize Bala Date Cash Interest (6%) Discount Amortized Effective Interest (12%) $ 0 0 $ 12/31/19 12/31/20 49200 12/31/21 49200 49200 12/31/22 $ 147600 $ Discount Amortized Unamortized Discount Balance Present Value of Note $ $ $ $