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Preparing Entries and Interest Schedule for Long-Term Note Receivable; Effective Interest Method December 31. The...

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Accounting

Preparing Entries and Interest Schedule for Long-Term Note Receivable; Effective Interest Method December 31. The principal is payable on December 31, three years later. The market rate for a note of this risk is 10%.
Required
a. Compute the present value of this note.
b. Prepare an effective interest schedule for this note.
c. Prepare entries required by Stealth for this note on January 1 of Year 1, and December 31 of Year 1, Year 2, and Year 3.
Note: Round answers to the nearest whole dollar.
a. Present value of note: $ x
b.
\table[[Date,\table[[Cash],[(Stated],[Interest)]],,\table[[Interest],[Revenue],[(Market],[Interest)]],,\table[[Piscount on],[N.R.],[mortization]],\table[[Note],[Receivable,],[Net],[(Carrying],[Value)]]],[Jan.1, Year 1,,,,,,$24,777.61vv
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