Needing some long-term financing, on December 31, 2024, Champion Company borrowed $90,000 by signing an 9% instalment note, repayable with 8 equal annual payments. The first payment is due on December 31, 2025:

REQUIRED:

1. Give the journal entry to record the issuance of the note payable
2. Give the journal entry to record the second instalment payment on December 31,2026

Give the journal entry to record the fourth instalment payment on December 31,2028