During the year you provided consulting services to a client and accepted a $15,000, 10% note as payment. The note is for 3 years and at the time, the current market rate of interest for a note with similar characteristics and risk was 1296. Schedule of Note Discount Amortization 10% Note Discounted at 12% (Imputed) Cash Effective Discount Carrying Interest Interest Amortized Value of Note Date of issue $14,280 End of year 1 $1,500 $ 1,713 $213 14,493 End of year 2 1,500 1,739 239 14,732 End of year 3 1,500 1.768 268 15,000 $ 4,500 $5,220 $720 Date 1. What is the total amount of interest revenue you will earn over the life of this note? 2. What is the total cash collected in principle and interest over the life of this note? Prepare the journal entries to record the following transactions: Prepare the journal entries to record the following transactions: 3. Issuance of the note: 4. Collection of interest at the end of year 2 5. Collection of the note and interest payment at maturity