On January 1, 2018, Moore Corporation signed a $200,000, eight-year, 9% note. The loan required Moore to make payments annually on December 31 of $25,000 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) Date Accounts and Explanation Debit | Credit Jan. 1 Notes Payable 20000 Cash 20000 Received cash in exchange for a note Debit | Credit Journalize the first payment on December 31, 2018 Date Accounts and Explanation Dec. 31 Notes Payable Interest Expense Cash 18000 Paid principal and interest payment