Chapter 7 Homework Saved Help Save & Exit Submit Check my work 9 10 points Cypress Oil Company's December 31, 2018, balance sheet listed $1,002,000 of notes receivable and $25,000 of interest receivable included in current assets. The following notes make up the notes receivable balance: Note 1 Dated 8/31/2018, principal of $420,000 and interest at 14% due on 2/28/2019, Note 2 Dated 6/30/2018, principal of $270,000 and interest due 3/31/2019. Note 3 $320,000 face value noninterest-bearing note dated 9/30/2018, due 3/31/2019. Note was issued in exchange for merchandise. The company records adjusting entries only at year-end. There were no other notes receivable outstanding during 2018, Required: Book Print References 1. Determine the rate used to discount the noninterest-bearing note 2. Determine the explicit interest rate on Note 2 3. What is the amount of interest revenue that appears in the company's 2018 Income statement related to these notes? 1. %6 Discount rate Interest rate 96 2. 3 Interest munnin