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On Jan. 1,2020, Bobcat Const. purchased equipment from Gallatin Equipment. Bobcat gave a 0% interest $140,493 promissory note payable to Gallatin with the following terms. Scenario 3: Loan Terms: The note payable terms are 0% interest with one easy payment of $140,493 due on 12/31/2022, The current market interest rate for similar loans is 12% annual. The loan contract requires no annual interest payments. Instructions: Show your calculations! 1) Dete mine the fair market value of the note-> 2) Record Bobcats journal entries for 2020. Single Payment Note: Required Cash Payment Reported Interest Expense 12% Discount Amortization Unamortized NP (Loan) Discount NP (Loan) Carrying Value NP (Loan) Maturity/Face or Par Value Date 01/01/20 100,000 140,493 12/31/20 12,000 12,000 28,493 112,000 140,493 12/31/21 13,440 13,440 15,053 125,440 140,493 12/31/22 15,053 15,053 Final Payment Totals 140,493 140,493 140,493 (140,493) 0 140,493 (140,493) 9 40.493 140.493) 10 Accounting Journal Entries Debit Credit 01/01/20 12/31/20