On January l, 2014, LeMay-Finn signed a $200,000, five-year, 6% note. The loan required LeMay-Finn to make

Question:

On January l, 2014, LeMay-Finn signed a $200,000, five-year, 6% note. The loan required LeMay-Finn to make payments on December 31 of $40,000 principal plus interest.
Requirements
1. Journalize the issuance of the note on January l, 2014.
2. Journalize the first note payment on December 31, 2014.