Sheffield Corporation is in the business of selling cattle. Due to recent diseases plaguing cattle, Sheffield is experiencing a cash shortage. Sheffield issued a $ 296,800, 6-year, zero-interest-bearing note to Little Town Corp. on January 1, 2020, and received $ 212,000 cash. In addition, to conserve cash, Sheffield agreed to sell cattle to Little Town for an amount less than the regular selling price over the 6-year period. The market interest rate for similar notes is 8%. Sheffield uses the effective interest method. (a) Calculate the present value of the note on January 1 using (1) a financial calculator or (2) Excel function PV. (Hint: Refer to Chapter 3 for tips on calculating.) (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answer to 0 decimal places, e.g. 1,251,24.) Present value of the note $ (b) Prepare Sheffield's January 1 journal entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to 0 decimal places, e.g. 5,275.) 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. Date Account Titles and Explanation Debit Credit Jan. 1, 2020