Sestion II-Notes Receivable (24 points) 35. On December 31, 2017, Colby market interest rate at that time was 10% The stated interest rate on the note annually. The note matures in 5 years. Note: Present Value Charts page. Round BL Company signed $1,132,500 note to Third National Bank. The was s%, payable are available on the nest caleulations to 0 decimal places (example: 5650.30 to S650)- a) Prepare the entry Note Receivable. Recee vobulmal entry made by Third Nationa Bank on December 31, 2017 to record the Note: This chart is available for your use, but it will NOT be gradedCarrying Amortization of AmortizatiDiscount or Reccivable Balance of Value of Note Cash Interest Receivable Date 12/31/17 12/31/18 12/31/19 RevenueDiscount/Premium Premium Prepare the relevant journal entry by Third National Bank to record interest for the year ended 12/31/18 b) Prepare the relevant journal entry by Third National Bank to record interest for the year ended 12/31/19 c) -13- Unfortunately, because of lower sales, Colby Company's financial situation utns ered On December 31, 2019, Third National Bank determined that it was probable thast the company pay back only $679,500 of the principal at maturity. However, it was would continue to be paid based on the $1,132.500 loan. Prepare the loss on the impairment that Third National Bank should recognize on d) considered likely that journal entry to interest recognize the Present Value of an Ordinary Annuity 8% Present Value of a Single Sum 10% 90909 82645 75131 68301 62092 10% 90909 1.73554 2.48685 3.16987 3.79079 Periods 8% 92593 85734 79383 73503 92593 1.78326 2.57710 3.31213 3.99271 3 68058_ 5 -15