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On Jenuary 1, 2024, Moricopa Compory puachased land costing $617,000. Instead of paying cash at the time of purchase. Manicopa plars to make four instaliment psyments of $165,99969 on June 30 and December 31 in 2024 and 2025 . The poyments include interest at e rate of 6% Required: 1. Record the purchase of land when the note is issued. 2. Record the firt installment payment on June 30.2024, and the second instaliment payment an December 31,2024 3. Calculate the baiance of Notes Payable and Interest Expense on December 31,2024 (0) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Record the first instaliment parment on June 30, 2024, and the second instaliment payment on December 31, 2024, (D0 not round intermediate calculationts. Aound your finaf answers to 2 decimal places. If no entry is required for a particular transactionvevene, select 'To Joumal Entry Required' in the first account fiold.) On January 1, 2024, Maricopa Company purchased land costing $617,000. Instead of paying cosh at the time of purchase, Maricopa plans to make four installment payments of $165,989.69 on June 30 and December 31 in 2024 and 2025 . The payments include interest at a rate of 6% Required: 1. Record the purchase of land when the note is issued. 2. Record the first instaliment poyment on June 30, 2024, and the second installment poyment on December 31,2024. 3. Calculate the balance of Notes Payable and Interest Expense on December 31,2024. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Calculate the balance of Notes Poyable and Interest Expense on December 31, 2024. (Do not round intermediate calculations. Round your answers to 2 decimal ploces.)