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Required information [The following information applies to the questions displayed below.] On January 1, MM Company borrows $340,000 cash from a bank and in return signs an 8% installment note for five annual payments of $85,155 each. Prepare the journal entry to record issuance of the note. For the first $85,155 annual payment at December 31, what amount goes toward interest expense? What amount goes toward rincipal reduction of the note? Complete this question by entering your answers in the tabs below. Prepare the journal entry to record issuance of the note. Journal entry worksheet Prepare the journal entry to record issuance of the note. Journal entry worksheet Note: Enter debits before credits. Required information [The following information applles to the questions displayed below.] On January 1. MM Company borrows $340,000 cash from a bank and in return signs an 8% installment note for five annual payments of $85,155 each. 1. Prepare the journal entry to record issuance of the note. 2. For the first $85,155 annual payment at December 31, what amount goes toward interest expense? What amount goes towarc principal reduction of the note? Complete this question by entering your answers in the tabs below. For the first $85,155 annual payment at December 31 , what amount goes toward interest expense? What amount goes toward principal reduction of the