On January 1st, 2017, Desert Inc., accepted a $69,072, 12%, 6-year note from Beach, Co. for the sale of merchandise and received their first payment.The note requires Beach to make annual installment payments of P&I immediately and each January 1st for the subsequent 5 years.The market rate for similar transactions is 12% APR.

What type of note is this?

["Ordinary Annuity", "Annuity Due", "Interest Bearing Note", "Non-Interest Bearing Note"]

Is the note stated at Present Value?

["Yes", "No"]

To record the sale, what journal entry would Desert make?

["Debit Sales Revenue, Credit Note Receivable", "Debit Note Receivable, Credit Sales Revenue", "Debit Cash, Credit Sales Revenue", "Debit Cash, Credit Note Receivable"]

Using the information in Question 3...

What is the amount of the each annual payment? [payment]