A12-17 Discounting-Low-Interest Note (LO 12-6) On 1 January 20X9, a borrower signed a long-term note, face amount, $1,620,000; time to maturity, three years, stated rate of interest. 2%. The effective rate of Interest of 7% determined the cash received by the borrower. The principal of the note will be paid at maturity, stated interest is due at the end of each year. (PV of $1, PVA of $1, and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Compute the cash received by the borrower. (Round time value factor to 5 decimal places. Round your Intermediate calculations and final answer to the nearest dollar amount.) 2. Give the required entries for the borrower for each of the three years. Use the effective interest method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate calculations and final answers to the nearest dollar amount.) View transaction list Journal entry worksheet < 1 2 3 5 Record the amount borrowed on long term note. Note: Enter debits before credits