On January 1, 2022, the Chattanooga Corporation, which has a December 31" year end, accepted a thinter ceivable - Stated Interest Rate Does Not Equal Effective Interest Rate (5 points) year, 4%$230,000 note recelvable for the sale of land. The land originally cost $95,000. The effective interest rate was 6% at the time of the issuance of the note. The note's interest is due annually on December 31 beginning December 31, 2022. The note's principal will be due on December 31, 2024. The company uses the effective interest method to account for the note's interest. REQUIRED: Round your answers to the nearest dollar. Calculate the following information related to the above note. You must show supporting calculations correctly prepare the journal entry (#2), and correctly complete the amortization schedule (including the totals) in good form to receive credit for your answers. You may either use a financial calculator or the time value of money tables on page 5 to calculate the note's present value (#1). 1. Present value of the note on January 1, 2022: $_24 71762 OPT PVE ODO 2. Prepare the Chattanooga Company's January 1, 2022 journal entry in good form to record the sale of the land. Debit Credit 01/01/22 | Noles Reci wable Discant on NR Sales Revenue 3. Interest revenue for the year ended December 31, 2022: $ 4. Interest revenue for the year ended December 31, 2023: $ Amortization schedule: Date Cash Received 7. Interest Revenue Amortization of Discount Net Note Receivable 111122 10 12131/22 12/31123 12/31/24 Cotals SE |.2012