On January 1, 2018, Turner Corporation signed a $240,000, eight-year, 12% note. The loan required Turner to make payments annually on December 31 of $30,000 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 Debit Credit Dec. 31 Accounts and Explanation Notes Payable Interest Expense 30000 28800 Cash 58800 Paid principal and interest payment. Belton, Inc. had the following transactions in 2018, its first year of operations: Issued 40,000 shares of common stock. Stock has par value of $1.00 per share and was issued at $18.00 per share. Earned net income of $74,000. Paid no dividends. At the end of 2018, what is the total amount of paid - in capital? O A. $74,000 O B. $794,000 OC. $720,000 OD. $40,000