Recording Entries for an Installment Note Payable On January 1, 2020, a borrower signed a long-term note, face amount, $100,000; time to maturity, three years; stated rate of interest, 8%. The market rate of interest of 10% determined the cash received by the borrower. The note will be paid in three equal annual installments of $38,803 each December 31 (which is also the end of the accounting period for the borrower). Required a. Compute the cash received by the borrower and prepare a debt amortization schedule. Note: Round your answer to the nearest whole dollar. 1. Compute the cash received by the borrower. $ 80000 2. 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. Date Jan. 1, 2020 Dec. 31, 2020 $ Dec. 31, 2021 8000 $ 8000 $ Dec. 31, 2022 8000 Cash Interest Expense Reduction in N.P. Carrying Value $ 95026 69197 38394 0 Total $ 0 $ 0 $ 0 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.