-1 Accounting for a long-term note payable [10-15 min] On January 1, 2014, LeMay-Finn signed a $200,000, five-year, 6% note. The loan required LeMay-Finn to make payments on Deceember 31 of $40,000 principal plus interest. quirements 1. Journalize the issuance of the note on January 1,2014 . 2. Journalize the reclassification of the current portion of the note payable. 3. Journalize the first note payment on December 31, 2014