Sheffield 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 $518,000, paying interest at a face rate of 6% on July 1 each year. The note was issued to yield an effective interest rate of 7%. Sheffield 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. 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, e.g. 1.25125 and the final answer to O decimal places, e.g. 58,971.) Note receivable 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 Sheffield Corporation. (Round answers to 0 decimal places, e.g. 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 O for the amounts.) Date Account Titles and Explanation Debit Credit 1, 2020 ember 30, 2020 - 1, 2021