Exercise 8-12 (Algo) Record notes payable and reclassify debt (LO8-2, 8-4) On September 1, 2024, Lindsey Engineering borrows $407,000 cash. The loan is made by FirstLending, under the agreement that Lindsey will repay the principal with four payments of $101,750. Payments are due by October 1 each year, with the first payment being due October 1, 2025 (next year). Interest on the borrowing is 6\%, and Lindsey's year-end is December 31. Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)