On $1$ January $20$X$9,$ a borrower signed a long$-$term note, face amount, $$1,610,000$; time to maturity, three years; stated rate of interest, $4\%.$ The effective rate of interest of $7\%$ determined the cash received by the borrower. The principal of the note will be paid at maturity; stated interest is due at the end of each year. $($PV of $$1,$ PVA of $$1,$ and PVAD of $$1.)($Use appropriate factor$($s$)$ from the tables provided.$)$

Required:

$1.$ Compute the cash received by the borrower. $($Round time value factor to $5$ decimal places. Round your intermediate calculations and final answer to the nearest dollar amount.$)$

$2.$ Give the required entries for the borrower for each of the three years. Use the effective interest method. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Round your intermediate calculations and final answers to the nearest dollar amount.$)$