Entries for installment Note Transactions On January 1, Year 1. Wedekind Company issued a $25,000, 4-vear, 12% installment note to Shannon Bank. The note requires annual payments of $8.560, 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 $3.120 and principal of $5,440 Year 4