On January 1, 2020, ABC rendered services to Smith Corporation and accepted a $200,000 note. In exchange, Smith agreed to make (5) annual payments of P&I with the first payment to be made on December 31, 2020. An interest rate of 8% is imputed.

Required: Use the information above to answer the next (4) questions:

1. Determine the amount of (1) PMT of P&I
2. What amount of Service Revenue should ABC recognize on January 1, 2020?	$_____________
3. What amount of Interest Revenue should ABC recognize on this note for the year ending December 31, 2021?	$_____________
4. What is the Carrying Value of the Note Receivable at December 31, 2021?