On January $1$ of Year $1,$ a borrower signed a long$-$term note, face amount of $$120,000$; time to maturity is three years; stated rate of $8\%.$ The market rate is $10\%.$ The note will be paid in three equal annual installments of $$46,564$ on each December $31($which is the accounting year$-$end for the borrower$).$

Required

Note: Round your answer to the nearest whole dollar.

a$.$ Compute the cash received by the borrower. a$.$ Compute the cash received by the borrower.

b$.$ Prepare a debt amortization schedule.

Note: Round each amount in the table to the nearest whole dollar.

Note: Use a negative sign for the "Reduction in N$.$P$."$ amounts.

c$.$ Provide the required entries for the borrower for the issuance of the note on January $1,$ Year $1,$ and the interest payments on December $31$ of Year $1,$ Year $2,$ and Year $3.$

Note: Round your answer to the nearest whole dollar.