Broad Street Company borrows $975,050 by issuing an 8%, 7-year note on January 1, 2022. Broad Street must make payments of principal and interest every 6 months beginning June 30, 2022. The note will be fully paid at maturity on December 31, 2028. The company's fiscal year ends on December 31. Future Value of $1 table Future Value of an Ordinary Annuity table Future Value of an Annuity Due table Present Value of $1 table Present Value of an Ordinary Annuity table Present Value of an Annuity Due table Read the requirements. Requirement a. Prepare the journal entry to record the issuance of the note payable. (Record debits first, then credits. Exclude explanations from any journal entries.) Account Cash January 1, 2022 975,050 Long-Term Note Payable 975,050 Requirement b. Prepare an amortization table for the note payable issue through December 31, 2024. (Use the present value and future value tables, a financial calculator, or a spreadsheet for your calculations. If using present and future value tables or the formula method, use factor amounts rounded to five decimal places, X.XXXXX. Round each calculation to the nearest whole number and then use the rounded value for each subsequent calculation in the table.) Broad Street Company borrows $975,050 by issuing an 8%, 7-year note on January 1, 2022. Broad Street must make payments of principal and interest every 6 months beginning June 30, 2022. The note will be fully paid at maturity on December 31, 2028. The company's fiscal year ends on December 31. Future Value of $1 table Future Value of an Ordinary Annuity table Future Value of an Annuity Due table Present Value of $1 table Present Value of an Ordinary Annuity table Present Value of an Annuity Due table Read the requirements. Requirement a. Prepare the journal entry to record the issuance of the note payable. (Record debits first, then credits. Exclude explanations from any journal entries.) Account Cash January 1, 2022 975,050 Long-Term Note Payable 975,050 Requirement b. Prepare an amortization table for the note payable issue through December 31, 2024. (Use the present value and future value tables, a financial calculator, or a spreadsheet for your calculations. If using present and future value tables or the formula method, use factor amounts rounded to five decimal places, X.XXXXX. Round each calculation to the nearest whole number and then use the rounded value for each subsequent calculation in the table.)