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. 1. Compute the cash received by the borrower. $ 231,588 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 Jan. 1, 2020 Dec 31, 2020 $ Dec 31, 2021 Dec 31, 2022 Total $ Cash Interest Expense Reduction in N.P. Carrying Value 231,590 x 93,127 $ 23,159 $ 69,958 x 161,622 x 93,127 16,163 76,964 x 84,658 X 93,127 8,466 84,661 x 279,381 x $ 47,788$ 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. Account Name Cr. Dr. 231,590 x 8,410 x 23,159 69,968 0 8,410 x 0 Date Jan. 1, 2020 Cash Note Payable Dec 31, 2020 Interest Expense Note Payable Cash Dec 31, 2021 Interest Expense Note Payable Cash Dec 31, 2022 Interest Expense Note Payable 93,127 16,163 76,964 93,127 8,466 84,661 0