Recording and Reporting Transactions with Short- Term, Interest-Bearing Note Receivable On May 1, Swimm Company sold merchandise to Lochte and received a $26,400 (face amount), one-year, non-interest-bearing note. The market rate is 10%, Locht maturity date. - Note: Round answers to the following questions to the nearest whole dollar. a. Prepare entries for 5 wimm Company on May 1 and December 31 (year-end adjustment). Amortize the discount on the note receivable using the straight-line met b. Identify which accounts and amounts should be presented on the annual income statement and year-end balance sheet (ignoring cash)