On January 1 2018, Tropical Paradise borrows $44.000 by agreeing to a 6% six-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 $729.21 are due at the end of each month with the first installment due on January 31, 2018 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.)