Killion Company needs to purchase new equipment, but does not have enough cash to purchase it outright. Therefore, on 1/1/21, Killion finances the purchase of the equipment by borrowing $29,000 on a 4-year, 5% installment loan. The loan specifies that Killion needs to make 4 payments of $8,178 once a year for the next four years. Each installment payment goes towards both accrued interest and the principal on the loan. Each installment payment is made on December 31. epare the journal entries for Killion to record the note's issuance and the first installment payment. (Round your intermediate lculations and final answers to the nearest dollar amount.) Journal entry worksheet Record the payment of the first installment payment of interest and principal on December 31, 2021. Note: Enter debits before credits