On 1/1/X1, Galasso Corp. borrowed $460,000 by agreeing to a 10%, 5-year installment note with the bank. The note's proceeds will eventually be used to purchase a building. 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 $ 121,340 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. Date Account Name Debit 1/1/X1 Cash 12/31/X1 12/31/X2 Note Payable 460,000 Credit 460,000