On January $1,2018,$ Lakeman $-$ Fay signed a $$1,500,000,15-$year, $7\%$ note. The loan required Lakeman $-$ Fay to make annual payments on December $31$ of $$100,000$ principal plus interest.

Requirements

Journalize the issuance of the note on January $1,2018.$

Journalize the first note payment on December $31,2018.$

Requirement $1.$ Journalize the issuance of the note on January $1,2018.($Record debits first, then credits. Select explanations on the last line of the journal entry.$)$

$\backslash$table$[[$Date$,$Accounts and Explanations,Debit,Credit$],[2018,,,]]$

Requirement $2.$ Journalize the first note payment on December $31,2018.($Record debits first, then credits. Select explanations on the last line of the journal entry.$)$

Date

Accounts and Explanations

Debit

Credit.

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