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. $ 231,593 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 231,593 x 93,127 $ 23,159 $ 699,680 x 161,625 x 93,127 16,163 76,964 x 84,661 x 93,127 8,466 848,661 x 279,381 x $ 47,788 $ 0 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. Cr. X 0 Dr. 231,593 x 8,407 x 0X 0 x . X X 0 x Date Account Name Jan. 1, 2020 Premium on Note Payable Interest Payable Dec 31, 2020 Retained Earnings-Prior Period Adjustment Retained Earnings-Prior Period Adjustment Common Stock Dec 31, 2021 Interest Expense Discount on Bonds Payable Note Payable Dec 31, 2022 Interest Expense Discount on Bonds Payable X 0 0 x . 16,163 3,037 x X X 19,200 x 0 8,466 10,734 x e X hln toAl