Ayayai Corporation issues a $$746,000,5\%,$ five$-$year note payable on January $1,2024.$ The terms provide for semi$-$annual blended payments of $$85,237$ on July $1$ and January $1.$

Prepare the journal entries to record the note on January $1,2024,$ and the first instalment payment. $($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 $O$ for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.$)$

Date

Account Titles

Debit

Credit