QUESTION 8 During the year you provided consulting services to a client and accepted a $15,000, 10% note as payment. The note is for 3 years and at the time, the current market rate of interest for a note with similar characteristics and risk was 12%. Date Cash Interest Date of issue End of year 1 $1,500 End of year 2 1,500 End of year 3 1,500 $_4.500 Schedule of Note Discount Amortization 10% Note Discounted at 12% (Imputed) Effective Discount Carrying Interest Amortized Value of Note $14,280 $ 1,713 $213 14,493 1,739 239 14,732 1.768 268 15,000 $5,220 $720 1. What is the total amount of interest revenue you will earn over the life of this note? 2. What is the total cash collected in principle and interest over the life of this note? Prepare the journal entries to record the following transactions: 3. Issuance of the note: 4. Collection of interest at the end of year 2 5. Collection of the note and interest payment at maturity