maining: On 1/1/X1, Williams Corp. borrowed $460,000 by agreeing to a 10%, 10-year installment note with the bank. The note's proceeds will eventually be used to purchase a building 3:29 The journal entry to record the note is already shown in the journal below. The note will be paid back in nine equal annual installment payments of $ 74,800 on December 31 of each year beginning December 31, 20X1. Required: Using the above information, prepare the journal entries to record the first and second installment payments due on 12/31/X1 and 12/31/X2, respectively Note: Round all calculations to the nearest whole dollar. Do not use currency symbols, commas or decimal points in your responses Credit Date 1/1/X1 Account Name Cash Note Payable Debit 460,000 460,000 12/31/X1 2/31/X2 Next page