Question: please answer the errors ecording Entries for an Installment Note Payable On January 1 of Year 1, a borrower signed a long-term note, face amount

ecording Entries for an Installment Note Payable On January 1 of Year 1, a borrower signed a long-term note, face amount of $240,000, time to maturity is three years, stated rate of 8%. The marhet rate is 1016. The note will be oaid in three equal annual instaliments of $93,127 on each December 31 (which is the accountingyear-end for the borrower). Required Note: found your answer to the nearest whole dollar. a. Compute the cash receved by the borrower. b. Prepare a debt amortization schedule. Note: Round each amount in the table to the nearest whole dollar. Note: Use a negative sian for the "Reduction in N.P" amounts. c. Provide the required entries for the borrower for the issance of the note on january 1, Year 1, and the interest payments on December 31 at Year 1, Year 2, and Year 3. Note: flound your answer to the nearest whole dollar. c. Provide the required entries for the borrower for the issuance of the note on January 1, Year 1, and the interest payments on December 31 of Year 1, Year 2, and Yeat Note: Round your answer to the nearest whole dollar
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