On January $1,2024,$ Monster Corporation borrowed $$10$ million from a local bank to construct a new highway over the next four years. The loan will be paid back in four equal installments of $$2,952,281$ on December $31$ of each year. The payments include interest at a rate of $7\%.$

$3.$ Use amounts from the amortization schedule to record each installment payment. $($If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field. Enter your answer in dollars, not millions. $($i$.$e$.,$ $$5\mathrm{.}5$ million should be entered as $5,500,000.).)$Journal entry worksheet

Record the payment of first installment.

Note: Enter debits before credits.