On January $1,2025,$ Alvarado $-$ Hayes signed a $$200,000,5-$year, $6\%$ note. The loan req$$ired Alvarado$-$Hayes to make annual payments on December $31$ of $$40,000$ principal plus interes Requirements

Journalize the issuance of the note on January $1,2025.$

Journalize the first note payment on December $31,2025.$

Requirement $1.$ Journalize the issuance of the note on January $1,2025.($Record debits first, then credits. Select explanations on the last line of the journal entry.$)$

$\backslash$table$[[$Date$,$Accounts and Explanations,Debit,Credit$],[$Jan$.1,2025,\backslash$table$[[$Cash$],[$Notes Payable$]],200,000,200,000]]$

Requirement $2.$ Journalize the first note payment on December $31,2025.($Record debits first, then credits. Select explanations on the last line of the journal entry.$)$

$\backslash$table$[[$Date$,$Accounts and Explanations,Debit,Credit$],[$Dec$.31,2025,$Interest Expense,,$],[$Notes Payable,,$],[,,],[$Paid principal and interest payment.,,$]]$