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 3. 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 O decimal places, eg. 58,971.) Note receivable 495223 e Textbook and Media List of Accounts Attempts: 1 of 2 used (b) Prepare a schedule of note premium/discount amortization schedule. (Round answers to 0 decimal places, eg. 58,971.) Schedule of Note Discount Amortization Effective Interest Method Date (d- m- yr) Cash Received Interest Income Discount Amortized Carrying Amount 1 Jul- 20 1- Jul 21 $ $ $ 1- Jul- 22 1- Jul- 23 1- Jul- 24 1- Jul- 25 $ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 2 used Submit