PROBLEM 4: On January 1, 2017, Sportswear, Inc. loaned cash to Outdoor, Inc. in exchange for a 10%, $10,000, 6-year note. Interest is payable December 31 of each year. The market rate of interest is 12%. Prepare all necessary journal entries for Sportswear, for the year 2017 orgar od PROBLEM 3. On January 1, 2017, West Co provided services in exchange for an $800,000 zero-interest-bearing note due on January 1, 2020. The prevailing rate of interest for a note of this type at January 1, 2017 was 10%. Prepare all necessary journal entries for the year 2017 PROBLEM 2 Sutherland Corporation sold goods to Rice Decorators on September 1, 2017 accepting Rice's $75,000, 3-year, 6% note. The market rate of interest for a similar transaction is 6%. Prepare all necessary journal entries for Sutherland for the year 2017, assuming that interest is paid each December 31. Blackboard Homework: Bb 7-1 Problem 1: On January 1, Kohl Company loaned $66,116 to Hemingway. Inc, accepting Hemingway's 2-year, $80,000, zero-interest-bearing note. The implied interest rate is 10%. (A) Prepare Kohl's journal entries for the initial transaction, recognition of interest each year, and the collection of $80,000 at maturity. (B) Name the financial statement and section of the financial statement where Kohl, Inc. will report the