On December 31, 2023, services were provided in exchange for a note with a face value of $100,000, a due date of December 31, 2026, and a stated interest rate of 5%, with interest receivable at the end of each year. The market rate of interest for similar notes is 10%. The following interest factors are provided: Interest Rate Table Factors For Three Periods 5% 10% Future Value of 1 1.15763 1.33100 Present Value of 1 .86384 .75132 Future Value of Ordinary Annuity of 1 3.15250 3.31000 Present Value of Ordinary Annuity of 1 2.72325 2.48685 Instructions (a) Determine the present value of the note. (b) Prepare the journal entries for December 31, 2023, and December 31, 2024. (c) Explain how the accounting for a zero-interest-bearing note would differ in (a) and (b) above.