On January $1,2025,$ Baker Corporation signed a $$60,000,$ five$-$year, $10\%$ note. The loan required Baker Corporation to make payments annually on December $31$ of $$12,000$ principal plus interest.

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

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

$($Record debits first, then credits. Select explanations on the last line of the journal entry.$)$

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

$\backslash$table$[[$Date$,$Accounts and Explanation,Debit,Credit$],[$Jan$.1],[,,,],[,,,],[,,,],[,,,]]$