Entries for Installment Note Transactions Journalize the entries to record the following:

Year $1$

Jan. $1$ Issued the note for cash at its face amount.

Dec. $31$ Paid the anhual payment on the note, which consisted of interest of $$2,640$ and principal of $$4,603.$

Year $4$

Dec. $31$ Paid the annual payment on the note, including $$776$ of interest. The remainder of the payment reduced the principal balance on the note.

Issued the note for cash at its face amount. If an amount box does not require an entry, leave it blank.

Year $1,$ Jan. $1$

Paid the annual payment on the note, which consisted of interest of $$2,640$ and principal of $$4,603.$ If an amount box does not require an entry

Year $1,$ Dec. $31$ Year $4,$ Dec. $31$