On November 1, Year 1, 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 12%: a. cash received b. effective interest rate c. interest expense for Year 1 2. Prepare the journal entries for Edwin under each case for Year 1 and Year 2. 3. Next Level Why is the effective rate higher for the non-interest-bearing