Recording Entries for an Installment Note Payable On January 1, 2020, a borrower signed a long-term note, face amount, $240,000; 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 $93,127 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, I 1. Compute the cash received by the borrower. $ 231,593 X 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 lan 1.2020 Dec 31, 2020 $ Dec 31, 2021 Dec 31, 2022 Total Cash Interest Expense Reduction in N.P. Carrying Value 231,593 x 93,127 $ 23,159 69,968 161,625 x 93,127 16,163 76,964 x 84,661 X 93,127 8,456 84,651 x 279,381 * $ 47,7885 231,593 x 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. Note: List multiple debits or credits (when applicable) in alphabetical order. Note: Round your answer to the nearest whole dollar. Date Account Name Dr. Cr. 231,593 x 0 192,000 x Jan. 1, 2020 Cash Note Payable Dec. 31, 2020 Interest Expense Note Payable Cash 0 23,159 69,968 0 93,127 0 16,163 76,964 0 0 93,127 Dec. 31, 2021 Interest Expense Note Payable Cash Dec. 31, 2022 Interest Expense Note Payable Cash 8,466 0 84,661 ~ 0