How would you calculate the 5% note for the balance remaining and would we have to create a separate account for the interest? Thanks in advance.

Was DEBIT Purchased land and an office building for $196,000, of which $144,000 was attributable to the fair market value of the building. A $50,000 cash down payment was made and an 5% five-year note was signed for the balance. Interest and 20% of the principal will be paid annually on this date. (Assume a 360-day year for interest computation purposes.) 20