Financial Statement Impact On July 1, Heartsman issues a 60-day note to Blues National Bank for cash. Click here and use the sliders to select the relevant face amount and interest rate to answer the following questions. 1. Determine the proceeds from issuing the note on July 1 if this is a 9% interest bearing note that has a face amount of $10,000. $____________ 2. Determine the amount of interest expense that will be reported in the December 31 income statement if this is a 9% interest bearing note that has a face amount of $10,000. $____________ 3. Determine the total amount of cash that Heartsman must pay at maturity if this is a 9% interest bearing note that has a face amount of $10,000. $____________ 4. Determine the proceeds of the note if this is a discounted note that has a $10,000 face amount and is discounted at 9%. $____________ 5. Determine the amount of interest expense if this is a discounted note that has a $10,000 face amount and is discounted at 9%. $____________ 6. Determine the total amount of cash that Heartsman must pay at maturity if this is a discounted note that has a $10,000 face amount and is discounted at 9%. $____________ 7. On the date of issuance, the proceeds from issuing an interest bearing note payable will be _(greater than | less than | equal to)__ the proceeds from issuing a discounted note payable with the same face amount, term, and interest rate. 8. At maturity, the amount of cash that must be paid by the issuer of an interest bearing note payable will be ___(greater than | less than | equal to)____ the amount of cash that must be paid by the issuer of a discounted note payable with the same face amount, term, and interest rate.