Entries for Installment Note Transactions On the first day of the fiscal year, Shiller Company borrowed $45,000 by giving a seven-year, 8% nstallment note to Soros Bank. The note first payment occurring on the last day of the fiscal year. The first payment consists of interest of $3,600 and prinapal repayment of $5,132 Journalize the entries to record the following: a1. Issued the installment note for cash on the first day of the fiscal year requires annual payments of sa,732, with the a2. Paid the first annual payment on the note. For a compound transaction, if an amount box does not require an entry, leave it blank b. Explain how the notes payable would be reported on the balance sheet at the end of the first year Notes payable are reported as liabilities on the balance sheet. The portion of the note payable that is due withn remaining portion of the note payable that is not due within one year is reported es a(n) Y is reported as a The Check My Work Previous Next P 1217 AM 12/7/2018