3 9 points 02:42:48 Required information [The following information applies to the questions displayed below.] On January 1, MM Company borrows $380,000 cash from a bank and in return signs an 8% installment note for five annual payments of $95,173 each. 1. Prepare the journal entry to record issuance of the note. 2. For the first $95,173 annual payment at December 31, what amount goes toward interest expense? What amount goes toward principal reduction of the note? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to record issuance of the note. View transaction list Journal entry worksheet

Required information [The following information applies to the questions alsplayed beiow] On January 1, MM Company borrows $380,000 cash from a bank and in retum signs an 89 installment note for five: annual payments of $95,173 each 1. Prepate the journal entry to record issuance of the note. 1. Prepate the joumal entry to record isuance of the note. 2. For the first $95,173 anmual poyment at December 31 , whot amount goes toward interest expense? What amount goes toward principal reduction of the note? Complete this question by entering your answers in the tabs below. Prepare the joumal entry to record iswance of the note. Journal entry worksheet