On January 1, 2020, Jacobs Company sells land financed through a $40,000 note, issued by Andress Company. The note Is a $40,000,8%, annual interest-bearing note. Andress agrees to repay the $40,000 proceeds on December 31, 2024. The prevailing interest rate on similar notes is 6%. Assume that the cost of the land is equal to the fair value of the note. Required 1. Use the effective Interest method to create an amortization schedule. Rounding to the nearest integer. 2. Show necessary journal and adjusting entries on 1/1/2020, 12/31/2023 and 12/31/2024. Rounding to the nearest Integer 3. Use the following table to present this NR in the balance sheet. Rounding to the nearest integer. Balance Sheet 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 Note Receivable Premium on NR Net Note Receivable