On February $1,2020,$ the Greece Corp., which maintains a perpetual inventory system, acquired

merchandise inventory by signing a two$-$year, $14\%,$ $$80,000$ note payable. On this date, the market

interest rate on a note of this type is $8\%.$ This note pays interest semiannually on February $1$ and August $1$

of each year.

Required:

a$.$ Using the $$NPV$$ function in Excel, compute the present value of this note.

b$.$ Record the acquisition of this merchandise inventory on February $1,2020.$

c$.$ Prepare a complete effective$-$interest$-$rate schedule for this note in Excel or on paper.

d$.$ Make the necessary August $1,2020,$ entry related to this note.

e$.$ Make the necessary December $31,2020,$ adjusting entry$($ies$)$ related to this note.

f$.$ Make all of the necessary February $1,2021,$ entry$($ies$)$ related to this note