uany ver the 12-months. b. Show what should be presented on the 2020 income statement and balance sheet. On January 1, 2020, Jacobs Company sells land financed through a $40,000 note, issued by Andress Company. Exercise 8-49 The note is a S40.000, 8% annual interest bearing note. Andress agrees to repay the $40,000 proceeds on De Recording Entries center 31, 2021 . Te prevailing interest rate on similar notes is l 1%. Assume that the cost of the land is equal f to the selling price Required Prepare all entries for Jacobs over the note term, including any year-end adjustments. Use the effective-interest or Long-Term Note Recevable Effective-Interest Amortization LOS Receivable method to amortize the discount