n January 1, 2016, Baker Corporation signed a $160,000, five-year, 7% note. The loan required Baker to make payments annually on December 31 of $32,000 rincipal plus interest 1. Journalize the issuance of the note on January 1, 2016 2. Journalize the first payment on December 31, 2016. Record debits first, then credits.Select explanations on the last line of the journal entry Jounalize the issuance of the note on January 1, 2016. Debit Credit Date 2016 Jan. 1 Accounts and Explanation Journalize the first payment on December 31, 2016. Date 2016 Dec. 31 Accounts and Explanation DebitCredit Choose from any list or enter any number in the input fields and then continue to the next question. 4