On January 1, 2015, Marble Co. sold inventory costing $25,000 to Alta Vista. In return, Marble Co. received a 4-year, 9% note with a face value of $50,000. Blended payments will be made yearly on December 31, and will include principal and interest. The market rate of interest is 7%. Marble Co. has a December 31 year-end while Alta Vista's year-end is September 30. Please make sure your final answer(s) are accurate to the nearest whole number. a) Calculate the annual payments Marble Co. will receive each year from Alta Vista's. Use the stated rate of the note in your calculation.

Annual payment = $

b) Complete the following payment and amortization schedule for the note.

	Cash Recieved	Interest Income	Principal Reduction	Carrying Value of Note
January, 1 2015
December 31,2015
December 31,2015
December 31,2018

c) Record the journal entries for Marble Co. on January 1, 2015 and December 31, 2015. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan).