Recording Entries for Long-Term Note Receivable; Effective Interest Method On January 1 of Year 1, Jacobs Company sells land in return for a $96,000 note, issued by Andress Company. The note is a $96,000,8%, annual interest-bearing note. Andress agrees to repay the $96,000 proceeds on December 31 of Year 2. The prevailing interest rate on similar notes is 11%. Assume that the cost of the land is equal to the fair value of the note. Required - Note: Round answers to the nearest whole dollar