A local company has just approached a venture capitalist for financing to develop a ski hill. On April 1, 2021, the venture capitalist lent the company $988,800 at an interest rate of 6%. The loan is repayable over four years in fixed principal payments. The first payment is due March 31, 2022. The ski hill operator's year end will be December 31.

Record the accrual of interest on December 31, 2022, and the instalment payment on March 31, 2023. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31, 2022	Interest Expense
	Interest Payable
	(To accrue interest expense.)
Mar. 31, 2023	Interest Expense
	Interest Payable
	Notes Payable
	Cash
	(To record payment on note.)