Preparing Entries and Interest Schedule for Long$-$Term Note Receivable; Effective Interest Method December $31.$ The principal is payable on December $31,$ three years later. The market rate for a note of this risk is $10\%.$

Required

a$.$ Compute the present value of this note.

b$.$ Prepare an effective interest schedule for this note.

c$.$ Prepare entries required by Stealth for this note on January $1$ of Year $1,$ and December $31$ of Year $1,$ Year $2,$ and Year $3.$

Note: Round answers to the nearest whole dollar.

a$.$ Present value of note: $ $x$

b$.$

$\backslash$table$[[$Date$,\backslash$table$[[$Cash$],[($Stated$],[$Interest$)]],,\backslash$table$[[$Interest$],[$Revenue$],[($Market$],[$Interest$)]],,\backslash$table$[[$Piscount on$],[$N$.$R$.],[$mortization$]],\backslash$table$[[$Note$],[$Receivable$,],[$Net$],[($Carrying$],[$Value$)]]],[$Jan$.1,$ Year $1,,,,,,$$$24,777\mathrm{.}61vv$