On April 1, 2020, our hospital buys an MRI machine for $1,000,000. It is financed for 5 years at 6% annual interest. Interest is paid each year on March 31. The entire $1,000,000 of principle is paid on March 31, 2025.

Give the December 31,2020 journal entry to record the interest for the year to date, and the March 31, 2021 journal entry to make the first interest payment.