(c) Prepare the journal entry to record the first instalment payment. (Round answers to 2 decimal places, e.g. 1.25. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Exercise 10-7 (Part Level Submission) The following instalment payment schedule is for a long-term bank loan payable: Reduction of Interest Cash Payment Principal Interest Period Expense Principal Balance Issue date $108,000.00 $24,945.28 $5,400.00 $19,545.28 1 88,454.72 2 4,422.74 24,945.28 20,522.54 67,932.18 3 21,548.67 46,383.51 24,945.28 3,396.61 4 24,945.28 2,319.18 22,626.10 23,757.41 23,757.41 24,945.28 1,187.87 0.00