Journalizing Installment Notes On the first day of the fiscal year, a company issues $47,000,996, four-year installment notes that have annual payments of $14,507. The first note payment consists of $4,230 of interest and $10,277 of principal repayment a. Journalize the entry to record the issuance of the installment notes. b. Journalize the first annual note payment. For a compound transaction, if an amount box does not require an entry, leave it blank