More Info 19? 2018 Jun. 1 Purchased equipment costing $176,000 by issuing an eight-year, 6% note payable. The note requires annual principal payments of $22,000 plus interest each June 1. Accrued interest on the note payable. Dec. 31 2019 Jun. 1 Dec. 31 Paid the first installment on the note. Accrued interest on the note payable. Print Done