on January 1, 2021, the Michigan Company accepted a five-year $90,000 note receivable when selling merchandise to a customer. Michigan Company has a periodic inventory system, uses the effective Interest method, and has a December 31st year end. The effective interest rate was 4% at the time of the issuance of the note. Part A. Assume the note is zero-interest bearing. Round your answers to the nearest dollar. 1. Calculate the present value of the note at December 31, 2021. $_73,974 2. Complete the amortization table for this note. (See Illustration 7-10) Date 4% Interest Revenue Amortization of Discount Cash Received Net Note Receivable 1/1/2021 12/31/2021 # 0 12/31/2012 12 31/2023 12/31/2024 12/31/2015 O O o 73,974 $12,959 14 2959 $76,933 3,077 3,077 180010 3200 3,200 183, 210 3.328 133,538 3462 3,462 $16,027 16.027 o 0 90,000 Totals $ 3. Prepare Michigan's journal entries on January 1, 2021 and December 31, 2021 related to the note. Debit Credit 11121 Nate Receivable 190,000_1 1 Discount on Ne 11b0a7 12/31/21 4. What will be the note's unamortized discount at December 31, 2021? $ 2,959 Part A. Assume the note is zero-interest bearing - Continued: 5. What will be the note's carrying value at December 31, 2021? $ 6. Prepare Michigan's journal entry on December 31, 2022 related to the note. Debit Credit 12/31/22 | 7. What will be the note's unamortized discount at December 31, 2022? $ 8. What will be the note's carrying value at December 31, 2022? $ 9. What will be the interest revenue for the year ended December 31, 2023? $