Prepare a schedule of note premium / discount amortization schedule. (Round answers to decimal places,...
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Prepare a schedule of note premium / discount amortization schedule. (Round answers to decimal places, eg. 58,971.) Schedule of Note Discount Amortization Effective Interest Method Date (d- m- yr) Cash Received Interest Income Discount Amortized Carrying An 1. Jul- 20 $ 1- Jul- 21 $ $ $ 1- Jul- 22 1- Jul- 23 1- Jul- 24 1- Jul- 25 $ Sheffield Corporation, a publicly-traded company, agreed to loan money to another company. On July 1, 2020, the company received a five-year promissory note with a face value of $ 518,000, paying interest at a face rate of 6% on July 1 each year. The note was issued to yield an effective interest rate of 7%. Sheffield used the effective interest method of amortization for discounts or premiums, and the company's year-end is September 30. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Use 1. PV.1 Tables, 2. a financial calculator, or 3. Excel functions to arrive at the amount to record the note receivable. (Round present value factor calculations to 5 decimal places, eg. 1.25125 and the final answer to 0 decimal places, eg. 58,971.) Note receivable $ 496762 e Textbook and Media Question Part Score --16
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