OnSeptember 1, 2023, Windsor, Inc. sold goods to Novak Corp., a new customer. Before shipping the goods, Windsor's credit and collections department conducted a credit check and determined that Novak is a high credit-risk customer. As a result, Windsor did not provide Novak with open credit by recording the sale as an account receivable. Instead, Windsor required Novak to provide a non-interest-bearing promissory note for $42,000 face value, to be repaid in one year. Novak has a credit rating that requires it to pay 12% interest on borrowed funds. Windsor pays 10% interest on a loan recently obtained from its local bank. Windsor has a December 31 year end. 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