On January 1. 2015. Tropical Paradise borrows $40,000 by agreeing to a 6%. 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 $773.31 are due at the end of each month with the first installment due on January 31. 2015. Required: Record the issuance of the installment note payable and the first two monthly payments. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)