Entries for Instaliment Note Transactions On January 1, Year 1. Luzak Company issued a $71,000, 4-vear, 11% installment note to MoGee Bank. The pote requires arnual paymints of $22, as5, beginning on December 31, Year 1 . Journalize the entries to record the following: Year 1 Jan, 1 1ssued the note for cash at its tace amount Dec, 31 Paid the annual payment on the note, which censisted of intetest of 57,810 and prinopal of $15,035. Year 4 Dec. 31 Paid the annual payment on the note, including $2.26b of interest. The remainder of the parment feduced the principal batance on the note. Issued the note for cash at its face amount, Year 1, janit 1 Paid the annual payment on the note, which consisted of interest of 57,810 and peindpal of 515,075 , for a compeund transacticki, of an amcunt box does not require an entry, leave it blank Year 1, Dec, 31 Paid the ansual payment on the note, including $2,766 of interest. The reruinder of the parment redeced the principal balance on the note. For a conipound transactico, if an amicunt box does not require an entryi leave it blank. year4,Dec,31 Paid the annual payment on the note, indudeng 52,261 of interest. The romainger of the payment reduced the principal balance on the note. For a compound transaction, if an amount box does not require an entry, leave it blark Veat4,Dec.31