On January $1,2024,$ Corvallis Carnivals borrows $$30,000$ to purchase a delivery truck by agreeing to a $5\%,$ five$-$year loan with the

bank. Payments of $$566\mathrm{.}14$ are due at the end of each month, with the first installment due on January $31,2024.$

Determine the financial statement effects of the issuance of the installment note and the first monthly payment.

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Determine the financial statement effects of the issuance of the installment note.