Entries for Installment Note Transactions On January 1, Year 1, Wedekind Company issued a $47,000, 4-year, 9% installment note to Shannon Bank. The note requires annual payments of $14,507, beginning on December 31, Year 1. Journalize the entries to record the following: Year 1 Jan. 1 Issued the note for cash at its face amount. Dec. 31 Paid the annual payment on the note, which consisted of interest of $4,230 and Year 4 principal of $10,277. Dec. 31 Paid the annual payment on the note, including $1,198 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 $4,230 and principal of $10,277. If an amount box does not require an entry, leave it blank. Year 1, Dec. 31