On January 1, 2018 Wood Corporation signed a $220,000, eight-year, 3% note. The loan required Wood to make payments annually on December 31 of $27,500 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)