On January 1, 2023, Pubnico Marine Ltd. sold a lobster boat to a in exchange for a five-year $1,250,000 promissory note with an annual interest rate of 8%. Interest only payments are due SEMI-ANNUALLY, or June 30 and December 31 . The market rate for an equivalent loan to this customer would have been 12% Pubnico Marine Ltd uses IFRS, has a Dec 31 year end, and prepares adjusting entries annually. Required: a) Calculate the amount of revenue to be recorded on January 1st2023 by Pubnico Marine Ltd. for t sale of the product. i. Calculate using the present value tables in the textbook. ii. Calculate using EXCEL "PV" formula. Copy your Excel formula to another cell as text so it can be viewed (put 'in front of it for text.) (Remember that the payment and the future value must be negative.) b) Prepare the journal entries for Pubnico Marine Ltd at Jan 1, 2023, June 30, 2023, and Dec 31, 202 (Show all calculations.) c) Prepare the note amortization schedule. Be sure to show the all the semi-annual interest payments and the repayment of the note on Jan 1, 2028. *HINT: semi-annual payments, therefore, there is a payment every 6 months. Interest rates are always quoted on an annual basis