On the first day of the fiscal year, a company issues $55,000, 9%, five-year installment notes that

Question:

On the first day of the fiscal year, a company issues $55,000, 9%, five-year installment notes that have annual payments of $ 14,140. The first note payment consists of $4,950 of interest and $9,190 of principal repayment.
a. Journalize the entry to record the issuance of the installment notes.
b. Journalize the first annual note payment.