On January 1, 2020, a borrower signed a long-term note, face amount, $100,000; time to maturity, three stated rate of interest, 8%. The market rate of interest of 10% determined the cash received by the borrower note will be paid in three equal annual installments of $38,803 each December 31 (which is also the endc Exercise 16-70 rg E s an instaliment Note See Demo 16-68 accounting period for the borrower). The Payable LO6 Required a. Compute the cash received by the borrower and prepare a debt amortization schedule. b. Provide the required entries for the borrower for the issuance of the note on January 1, 2020, and the interest payments in 2020, 2021, and 2022. ercise 16-7