Redwood Inc. agreed to loan Greentree Co. On 1/1/2020 (beginning of year 1), Greentree Co. gave a $ 97,000 zero interest-bearing note due in 5 years to Redwood Inc. Assume that the market interest rate to discount the note is 9%. Instructions: a. Determine the present value of the zero-interest bearing note. You should use an appropriate factor (in five decimals) from a table in Ch. 6. Answer: b. Record the journal entry Redwood (i.e. the lender) would make to record the receipt of the note on 1/1/2020. Do not provide extra entries otherwise points will be deducted. Date Account title Debit Credit inn echadule for the note using the effective interest method. c. Prepare an amortization schedule for the note using the effective interest method. Year Cash Interest Interest revenue Discount Carrying amount amortized of note Date of receipt End of year 1 End of year 2 End of year 3 End of year 4 End of year 5