uses the effective interest ssagr Requiredover the term of the note payable for the following three separate scenarios for the ing of the note payable. or soooo is due on December 31, 2021, and the note specified 5% interest payable each ber 31 over a two-year period. value of the note payable is instead $220,600 and is due on December 31, 2021.T zero-interest-bearing note payable over a two-year period. tured as a The loan is extended to three years with equal payments of of the note. The note will be fully paid upon maturity. $73.450.10 due on each December 31 over the term 1.2020, Jet Air Inc. contracted with Systems Plus Inc. to manufacture heavy equipment. Jet Air On January I ssed a $75 00 note to Systems Plus Inc. in exchange for the equipment that required 5% Interest payments a Rod ga over 3 years on December 31 of each year. Although the fair value of the customized heavy equipment was Pavable isusor Nn ly determinable, it was determined that 10% was a reasonable rate of interest for such a transaction. Cash Los Hint: See Demo 16-68 Required Phovide jounal entries to be made by Jet Air Inc. at each of the following dates. a. January 1, 2020 Date of note issuance b. December 31, 2020-Date of interest payment. c December 31, 2021-Date of interest payment. d. December 31, 2022-Date of interest payment. e. December 31, 2022-Date of note payment at maturity