Pina Corporation is in the business of selling cattle. Due to recent diseases plaguing cattle, Pina is experiencing a cash shortage. Pina issued a $263,200,6-year, zero-interest-bearing note to Little Town Corp. on January 1, 2023, and received $188,000 cash, In addition, to conserve cash, Pina agreed to sell cattle to Little Town for an amount less than the regular selling price over the 6 -year period. The market interest rate for similar notes is 8%. Pina uses the effective interest method. (a) Calculate the present value of the note on January 1 using (1) a financial calculator or (2) Excel function PV. (Hint: Refer to Chapter 3 for tips on calculating) (Round answer to 0 decimal places es. 58,971.) Present value of the note (b) Prepare Pina's January 1 journal entry. (Credit occount titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter O for the amounts. Round answer to 0 decimal places eg. 58,971. Click here to view the factor table PRESENT VALUE OF 1 . Click here to view the factor table PRESENT VALUE OF AN ANNUTTY OF 1