On January 1, 2018, Baker Corporation signed a $140,000, five-year, 9% note. The loan required Baker to make payments annually on December 31 of 528,000 principal plus interest. 1. Journalize the issuance of the note on January 1, 2018 2. Journalize the first payment on December 31, 2018. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Journalize the issuance of the note on January 1, 2018. Date Accounts and Explanation Debit Credit Jan. 1 Journalize the first payment on December 31, 2018 Date Accounts and Explanation Debit Credit Dec. 31