On January 1, 2014, L&L Inc. borrows $150,000 from a bank by signing a long term note payable. The note requires 10% interest and yearly payments of interest and principal. The first payment is due December 31 in the amount of $42,000. What journal entry should the company make to record borrowing the money or January 1, 2014? What effect does this entry have on the accounting equation? What journal entry should the company make on December 31, 2014 to record the first payment of principal and interest? What effect does this entry have on the accounting equation