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Cambria Limited took a $200,000 two-year note receivable from a customer in connection with a major inventory sale transaction on 1 January 20X5. The note required annual end-of-year Interest payments of 4%, and the principal was due at the end of 20x6. 3. Prepare journal entries to record the initial sale transaction and each payment on the books of Cambria, consistent with requirement 2. Use the gross method to record the note. (If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. Round time value factor to 5 decimal places and final answers to the nearest whole dollar amount.) (PV of $1, PVA of $1, and PVAD of $1.) (Use appropriate factor(s) from the tables provided.) X Answer is not complete. Required: 1. Prepare journal entries to record the initial sale transaction and each payment on the books of Cambria, assuming that the market interest rate is 4%. (if no entry is required for a transaction/event, select "No journal entry required" In the first account fleld. Round time value factor to 5 decimal places and final answers to the nearest whole dollar amount.) No Date General Journal Debit Credit 1 1 January 20X5 Notes receivable 200,000 X Answer is not complete. Discount on note receivable Sales revenue 14.266 185,734 No Date General Journal Debit Credit OOOOOO 2 1 1 January 20X5 Notes receivable 200,000 31 December 20x Cash Discount on note receivable Interest revenue 8,000 6,859 Sales revenue 200,000 14,859 2 31 December 20% Cash 8,000 3 OO 200,000 X Interest revenue 8,000 31 December 20X Cash Notes receivable x 200,000 X 3 200,000 X 31 December 20x Cash Notes receivable 4. Not available in connect. 200,000 2. Assume now that the market interest rate is 8%. Calculate the present value of the note, and prepare a schedule that shows the annual Interest. (Round time value factor to 5 decimal places and final answers to the nearest whole dollar amount. Enter all answers in positive.) 5. Prepare journal entries to record the initial sale transaction and each payment on the books of the customer who bought Inventory and owes the note, consistent with requirement 2. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field. Round time value factor to 5 decimal places and final answers to the nearest whole dollar amount.) Answer is complete and correct. Present value $ 185,734 X Answer is not complete. No Date General Journal Debit Credit 1 1 January 20X5 185,734 Inventory Notes payable X 185,734 2 31 December 20X Interest expense 14,859 Answer is complete but not entirely correct. Cash Notes payable 8,000 6,859 3 15,407 Opening Closing Net Interest Interest Discount Net Paid) Liability Expense/Revenue Received Amortization Liability Receivable Receivable IS 185,734S 8,000 $ 14,859 X $ 6,859 $ 192,593 192,593 8,000 X 15,407 X 7,407 200,000 31 December 20X Interest expense Cash olol x x 8,000 X 7,407 Notes payable