On January 1, 2016, Ringo Company accepted a 13% note, dated January 1, 2016, with a face amount of $2, 480,000 in exchange for cash. The note is due in 10 years. For notes of similar risk and maturity, the market interest rate is 15%. Interest is paid each December 31. (Click the icon to view the Future Value of $1 table.) (Click the icon to view the Present Value of $1 table.) (Click the icon to view the Future Value of an Ordinary Annuity table.) (Click the icon to view the Present Value of an Ordinary Annuity table.) (Click the icon to view the Future Value of an Annuity Due table.) (Click the icon to view the Present Value of an Annuity Due table.) Requirements Determine the present value of the note at January 1, 2016. Prepare the journal entry at the issuance of the note. Prepare the journal entry to record the interest revenue for the first two years. Requirement Determine the present value of the note at January 1, 2016. (Use the present value and future value tables, a financial calculator, or a spreadsheet for your calculations. If using present and future value tables or the formula method, use factor amounts rounded to five decimal places, X.XXXXX. Round intermediary currency computations and your finalanswers to the nearest whole dollar.) The present value of the note receivable is $ _______