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On January 1, 2022, Slack Company finished legal services and accepted in exchange a 5%...

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Accounting

On January 1, 2022, Slack Company finished legal services and accepted in exchange a 5% $400,000 promissory note with a due date of December 31, 2024. Interest is receivable on January 1 of each year. Notes with similar risk have a market rate of interest of 10%. Set financial calculators to zero decimal place. Required: (a) Determine the value of the following: N, I/Y, PMT, FV. a. Prepare a Schedule of Note Discount/Premium Amortization for Slack Company under the effective interest method. b. Prepare the journal entries on the following dates: Jan 1 2022 Dec 31 2022

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