On May 1, Affiliated Tech, a consumer electronics firm, issued a $700,000 face value, 6 month zero-interest bearing note to First BanCorp.
In determining the amount of cash provided to Affiliated Tech, First BanCorp considered the appropriate interest rate to be 12.439%.
Required: Prepare Affiliated Tech's journal entries to:
(a)	record the issuance of the note
(b)	amortize the note and accrue periodic interest expense
( c)	record repayment of the note