Entries for instant Note Transactions On January 1 Year 1, Wedekind Company issued a $12,009, 4-year 9% installment note to Shannon Bank, the note reques annual payments of 53,704, beginning on December 31 Year 1 Journalize the entries to record the following Year ! Jan Issued the note for cash at its face amount Dec 31 Paid the annual payment on the note, which consisted of interest of $1,080 and principal of $2,624 Dec 31 Paid the annual payment on the note, including 5.30 of interest. The remainder of the payment reduced the principal balance on the note Issued the note for cash in its face wount If an amount box does not recurent, have it bank Year 1 on 1 Cash Notes Payable Plaid the annual payment on the note, which consisted of interest of $1,080 and principal of 52,624. In an amount box does not require an entry, leave it blank Year 1, Dec 31 Interest Expense Notes Payable Cash Focus TOWE The cash payment is the same in each year. The interest and prepayment, however change each year. This is because the carrying amount ook van the note de ses machen perenaid, which decreases the interest At the final payment the carrying amount on the notes terting that the hote has been Paid the annual payment on the note, including 106 of interest. The remainder of the payment reduced the principal balance on the note. If an amount box does not require an ently, leave it and Yar De Interest Expense Notes Payable