On September 1, 2024, Lindsey Engineering borrows $400,000 cash. The loan is made by FirstLending, under the agreement that Lindsey will repay the principal with four payments of $100,000. Payments are due by October 1 each year, with the first payment being due October 1, 2025 (next year). Interest on the borrowing is 6%, and Lindsey’s year-end is December 31.

Required:
1. Record the long-term note payable by Lindsey Engineering.
2. Record the adjusting entry for interest on December 31, 2024.
3. Record the entry to reclassify the current portion of the note on December 31, 2024.