A company borrows $350,000 cash from a bank on January 1 . In return, the company signs a 4% installment note to the bank for five annual payments of $78,619 each. Enter answers in each of the following tabs. Prepare the January 1 entry to record issuance of the note. Journal entry worksheet A company borrows $350,000 cash from a bank on January 1 . In return, the company signs a 4% instaliment note to the bank for five annual payments of $78,619 each. Enter answers in each of the following tabs. For the fint annual payment at December 31 of $78,619, what amount goes toward interest expense? What amount goes toward principal reduction of the