Instructions On January 1, the first day of the fiscal your Shiller Company borrowed $70,000 by giving a seven-yeur, 12% Installment note to Soros Bank. The noto roqures annual payments of $17,310, with the first payment occurring on the last day of the local year. The first payment consists of interest of 58,480 and principal repayment of $7,830, Required: A. Jourratze the entries to record the following transactions. Refer to the Chart of Accounts for exact wording of account titles 1. Issued the installment note for cash on the first day of the discal year 2. Paid the first annual payment on the note Explain how the notes payable would be reported on the balance sheet at the end of the first year. a Joumalize the entries to record the selected transactions. Refer to the Chart of Accounts for exact wording of account thes TGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POSTER DENT CREDIT ASSETS LABUTES EQUITY 2 8. Explain how the notos payablo would be reported on the balance sheet at the end of the first year Notes payable are reported as tabtitles on the balance sheet. The portion of the note puyable that is due within The remainine portion of the note payable that is not due within that period of time is reported as an is reported as a