Journalizing Installment Notes On the first day of the fiscal year, a company issues $69,000, 9%, seven-year installment notes that have annual payments of $13, 710. The first note payment consists of $6, 210 of interest and $7, 500 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