b. Journalize the entries for the issuance of the note and the four annual note payments. Note: For a compound transaction, if an amount box does not require an entry, leave it blank. For the Year 4 entry (due to rounding), adjust Notes Payable up or down ensure that debits equal credits. Year 1 Jan. 1 Year 1 Dec. 31 Year 4 Dec. 31 c. How will the annual note payment be reported in the Year 1 income statement? ors( ) would be reported on the income statement