On November 1, 2019, Edwin Inc borrowed cash and signed a $60,000, 1-year note payable Required: 1. Compute the following items assuming (a) an interest-bearing note at 12%, (b) a non-interest-bearing note discounted at 1296 a. cash received b. effective interest rate c. interest expense for 2019 2. Prepare the journal entries for Edwin under each case for 2019 and 2020 3. Next Level why is the effective rate higher for the non-interest-bearing date