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Un December 31 2018 white Comparly sold goods and accepted in exchange a promissory note with a face value of $ (plug your id number)
Un December 31 2018 white Comparly sold goods and accepted in exchange a promissory note with a face value of $ (plug your id number) a due date of December 31, 2021 and a stated rate of 6%, with interest receivable at the end of each year. The note is considered to have an appropriate market rate of interest of 8% (effective interest rate) Instructions the present value of the note is calculated as follows Present value of interest 20190013 times 6% PVIFA (n=3 =8%) 2 57710 + Present value of maturity value= S20190013 PVIE (n=3. =8%) 079383 SER Instructions: a) Prepare a Schedule of Note Discount Amortization for Green Company under the effective interest method for the first 2 years b) Prepare the necessary joumal entries for the receiving of the note and the first interest received
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