On January 1,

20162016 ,

Leng minus FernLengFern

signed a

$ 250 comma 000$250,000 ,

55 -year,

88 %

note. The loan required

Leng minus FernLengFern

to make annual payments on December 31 of

$ 50 comma 000$50,000

principal plus interest.

Requirements

1.	Journalize the issuance of the note on January 1, 20162016.
2.	Journalize the first note payment on December 31, 20162016.

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

Requirement 1. Journalize the issuance of the note on January 1,

20162016.

Date		Accounts and Explanations	Debit	Credit
2016
Jan. 1