On December 31, 2019, Winter Company finished consultation services and accepted in exchange a promissory note with a face value of $500,000, a due date of December 31, 2022, and a stated rate of 4%, with interest received 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 6%. 6 The following interest factors are provided: Show your calculations here: * Table Factors For Three Periods . Future Value of 1 10 Present Value of 1 11 Future Value of Ordinary Annuity of 1 12 Present Value of Ordinary Annuity of 1 Interest Rate 4% 6% 1,12486 1,19102 0,889 0,83962 3,1216 3,1836 2,77509 2,67301 14 Prepare the journal entries for Winter Company for the following transactions: 1 On the date the note is accepted. 16 On the dates interest is received. 17 On the date the note with final interest is received 19 December 31, 2019 20 Notes receivable 21 Service revenu Debit 500,000 Credit 500,000 | 444 Notes receivable Credit 19 December 31, 2019: 20 Notes receivable 21 Service revenu Debit 500,000 500,000 Credit 23 December 31, 2020 29 Cash 30 Discount on notes recievable 31 Interest income Debit 20,000 27,327.02 47,327.02 Credit 25 December 31, 2021: 35 Cash 37 interest revenu 38 Interest recievable Debit 20,000 24,594,32 44,594.32 12 December 31, 2022 Debit Not Receivable EntriesSheet Credit ZDisplay X for Notes receivable Credit ecember 31, 2020: ash iscount on notes recievable Debit 20,000 27,327.02 Interest income 47,327.02 December 31, 2021: Credit Cash Debit 20,000 24,594,32 7 38 interest revenu Interest recievable 44,594.32 Debit Credit 42 December 31, 2022 1 Cash Notes receivable A l omar Not Receivable Entries she ZDisplay