On January 1, 2022, Slack Company finished legal services and accepted in exchange a 5% $400,000 promissory note with a due date of December 31, 2024. Interest is receivable on January 1 of each year. Notes with similar risk have a market rate of interest of 10%.

Set financial calculators to zero decimal place.

Prepare a Schedule of Note Discount/Premium Amortization for Slack Company under the effective interest method.

(c) Prepare a Schedule of Note Discount/Premium Amortization for Slack Company under the effective interest method.

Slack Company
Schedule of Note Discount/Premium Amortization
Effective Interest Method
Date	Cash	Interest	Amortized Amount	Carrying Value of Note
Jan 1, 2022				$
Dec 31, 2022	$	$	$	$
Dec 31, 2023	$	$	$	$
Dec 31, 2024	$	$	$	$