On January 1, 2012, Tropical Paradise borrows $50,000 by agreeing to a 7%, five-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $990.06 are due at the end of each month with the first installment due on January 31, 2012. Required: Record the issuance of the installment note payable and the first two monthly payments.