Please solve each problem and explain as to how you got the answer. Also, use the table below to solve problem A.

Henry Co. agreed to loan Grey Retail Inc. On 1/1/Year 1. Grey gave a $ 58,000 zero interest- bearing note due in 5 years to Henry. Assume that the market interest rate to discount the note is 6% Instructions: a. Determine the present value of the zero-interest bearing note. You should use an appropriate factor (five decimal places) from tables in Ch. 6. Answer: b. Record the journal entry Henry (i.e. the lender) would make to record the receipt of the note on 1/1/Year 1. Do not provide journal entry from other dates or points will be deducted. Date Account title Debit Credit c. Prepare an amortization schedule for the note using the effective interest method. Year Cash Interest Interest revenue Discount Carrying amount amortized of note Date of receipt End of year 1 End of year 2 End of year 3 End of year 4 End of years (n) Periods 1 2 3 4 2% .98039 .96117 .94232 .92385 .90573 272% .97561 .95181 .92860 .90595 .88385 3% .97087 .94260 .91514 .88849 .86261 4% .96154 .92456 .88900 .85480 .82193 5% .95238 .90703 .86384 .82270 .78353 6% .94340 .89000 83962 .79209 .74726 16 17 18 19 20 .72845 .71416 .70016 .68643 .67297 .67362 .65720 .64117 .62553 .61027 .62317 .00502 .58739 .57029 .55368 .53391 51337 .49363 .47464 45639 .45811 -43630 .41552 .39573 .37689 .39365 .37136 .35034 .33051 .31180