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On January 1,2023 , The Novak Company received a 4-year promissory note that had a face value of $980,000, and a stated interest rate of
On January 1,2023 , The Novak Company received a 4-year promissory note that had a face value of $980,000, and a stated interest rate of 6%. Interest was receivable on January 1 each year. The note was issued to yield an effective interest rate of 8%. The Novak Company is publicly traded, uses the effective interest method of amortization for discounts or premiums, and has an April 30 yearend. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Prepare a note premium / discount amortization schedule. (Round answers to 0 decimal places, e.g. 58,971
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