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Notes issued at a premium Face value of notes 5,000,000 Nominal rate 12% Effective rate 10% The note is issued on January 1, 2017 and mature in four years on January 1, 2021. The interest is payable annually every December 31. Since the interest is payable annually there are 4 interest periods. The relevant present value factors are: PV of 1 at 8% for 4 periods .7462 PV of ordinary annuity of 1 at 8% for 4 periods 5.0757Instructions: (a) Compute for the present value of the note as issue date Present value of principal Present value of annual interest payments Total Present Value of Notes (b) Compute for the premium Face value Market value or issue price Discount on notes payable (c) Prepare the amortization table Date Interest Paid Interest Expense Premium Amortization Carrying Amount January 1, 2017 v June 30, 2017