Sarasota Corporation, a publicly-traded company, agreed to loan money to another company. On July 1, 2020, the company received a five-year promissory note with a face value of $517,000, paying interest at a face rate of 5% on July 1 each year. The note was issued to yield an effective interest rate of 6%. Sarasota used the effective interest method of amortization for discounts or premiums, and the company's year-end is September 30 Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. (a) Your answer is correct. Use 1. PV.1 Tables, 2. a financial calculator, or 2. Excel functions to arrive at the amount to record the note receivable. (Round present value factor calculations to 5 decimal places eg. 1.25125 and the final answer to decimal places.eg. 58,971) Note receivable $ 495223 eTextbook and Media List of Accounts Attempts: 1 of 2 used (b) Your Answer Correct Answer Your answer is partially correct. Prepare a schedule of note premium / discount amortization schedule. (Round answers to decimal places.eg. 58.971.) / Schedule of Note Discount Amortization Effective Interest Method Cash Received Interest Income Discount Amortized Carrying Amount 495223 25850 29713 3563 499036 25850 29945 4095 499036 25850 30191 4341 507522 25850 30451 4601 512124 25850 30727 4877 517000 129250 151027 21777 e Textbook and Media List of Accounts Attempts: 2 of 2 used (c) Prepare the journal entries to record the issue of the note on July 1, 2020, and any required accrual entries at the company's year-end on September 30, 2020. Finally, prepare the journal entry to record the first cash collection received on July 1, 2021 for Sarasota Corporation (Round answers to decimal places, eg. 58.971. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) ) ate Account Titles and Explanation Debit Cred