Instructions On the first day of the fiscal your, Shiter Company borrowed 96,000 by giving a seven-year, 45, installment note to Soros Bank. The not requires annual payments of $15,995, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $3,840 and principal repayment of $12.156. Required: Joumakso the entries to record the following transactions. Refer to the Chart of Accounts for exact wording of account ones, 1. Iesved the instaliment note for cash on the first day of the fiscal year. 2. Pald the first annual payment on the note b. Explain how the notos payable would be reported on the balance sheet at the end of the first year