On january 1 2010, Yeargan company obtained an 88,000, seven year 5% installment note from Farmers Bank. The note requires annual payment of $15,208,with the first payment occuring on the last day of the fiscal year. The first payment consists of $4,400 interest and principal repayment of $10,808. (1) Journalize the following entries(If required, round all amounts to the nearest whole dollar.) (a) Issue the installment notes for cash on January 1 2010. _____________ $__________ _____________ $__________ (b) Paid the first annual payment on the note ________ $ _________ ________ $ _________ ______ $_________ (2) determine the amount of the bond interst expense for the first year