Journalizing Installment Notes

On the first day of the fiscal year, a company issues $$71,000,11\%,$ six$-$year installment notes that have annual payments of $$17,783.$ The

first note payment consists of $$7,810$ of interest and $$9,973$ of principal repayment.

a$.$ Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank.

b$.$ Journalize the first annual note payment. If an amount box does not require an entry, leave it blank.