Problem C. On January 1, 2019, WESTERN sold equipment to JONES Company, accepting a $70,000 zero-interest bearing note to be paid in full at the end of the third year, December 31,2021. The implicit interest rate is 10%. The present value factor for a single amount (n=3,I=10%)=0.75132 a. At what amount will Western record the sale? b. Complete the amortization table below. c. What journal entries should WESTERN record for the interest revenue recognition on December 2019, 2020, 2021. d. What will WESTERN record wen the note is paid?

Problem . On January 1, 2019, Western sold equipment to Jones Company, accepting a $70,000 zero-interest bearing note to be paid in full at the end of the third year (December 31, 2021). The implicit interest rate is 10%. The present value factor for a single amount (n 3, 110%) 0.75132 a. At what amount will Western record the sale? b. Complete the amortization table below. | Schedule of Note discount Amortization: Effective interest method: Cash received Interest revenue Discount amortized Carrying amount of note Jan 1, 2019 Dec 31, 2019 Dec 31, 2020 Dec 31, 2021 What journal entries should Western s record for the interest revenue recognition on Dec 31, 2019, 2020, and 2021. What will Western record when the note is repaid? Jan 1, 2019 (Date of Sale) Dec 31, 2019 Dec 31, 2020 Dec 31, 2021 (Interest) Dec 31, 2021 (repay note)