Baron Inc., a calendar-year firm, has a 8%, $50,000 note receivable from the sale of merchandise on January 1 of Year 1. The note was issued when the market rate was 8%. The note is due December 31 of Year 5. Annual Interest is due each December 31. On December 31, Year 1, Baron reviews the collectibility of its note and determines that only $45,000 is likely to be received on the due date from this note. Although Baron received the Year 1 interest payment, the company does not expect to receive further interest payments Required a. Prepare the entry to record the note receivable impairment on December 31 of Year 1. Note: Round your answers to the nearest whole dollar Date Dec 31, Year 1 Account b. Calculate the amount of interest revenue recognized in Year 2 and Year 3 Baron chooses to recognize interest revenue using the effective interest method Note: Round your answers to the nearest whole dollar. interest revenue, Year 2