On January $1,2024,$ Maricopa Company purchased land costing $$617,000.$ Instead of paying cash at the time of purchase, Maricopa plans to make four installment payments of $$165,989\mathrm{.}69$ on June $30$ and December $31$ in $2024$ and $2025.$ The payments include interest at a rate of $6\%.$

Required:

Record the purchase of land when the note is issued.

Record the first installment payment on June $30,2024,$ and the second installment payment on December $31,2024.$

Calculate the balance of Notes Payable and Interest Expense on December $31,2024.$