The following information is for Lyman Irrigation Company: Mar. 1 Sold sprinkling pipe to Federated Farms for $16,000, terms 2/10, n/30 (omit entries for cost of goods sold or inventory). Mar. 12 Accepted a $16,000, three-month, 10% note from Federated Farms in payment of its account. June 12 Collected the note plus interest. 1. Prepare journal entries for the transactions. 2. Interpretive Question: What would be the purpose of Lyman “discounting” the note at a bank on April 30?