Entries for installment Note Transactions On January 1, Year 1, Wedekind Company issued a $26,000, 4-year, 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 Dec 31 Paid the annual payment on the note, including $917 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 Pald the annual payment on the note, which consisted of interest of $3,120 and principal of $5,440. If an amount box does not require an entry, leave it blank. Year 1, Dec. 31 Paid the annual payment on the note, including 5917 of interest. The remainder of the payment reduced the principal balance on the note: If an amount box does Previous Next 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 Dec 31 Pald the annual payment on the note, including $917 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 noto, which consisted of interest of $3,120 and principal of 45,440. an amount box does not require an entry, leave it blank, Year 1, Dec. 31 Pald the annual payment on the note, including $917 of interest. The remainder of the payment reduced the principal balance on the note. If an amount box does * not require an entry, leave it blank Year 4, Dec. 31 D M