On January 1, 2019, a company purchased equipment and signed a 6 year mortgage note for $160,000 at 5%. The note will be paid in equal installments of $ 29,278 beginning January 1, 2020. On January 1, 2020, the journal entry to record the first installment payment will include a credit to Cash for $8,278 debit to Interest Expense for $8,000 debit to Mortgage Payable for $29,278 credit to Mortgage Payable for $29,278 Question 2 4 pts On June 1, 2018, Mojo Company issued a 5% note payable for $10,000. It is payable over a 4 year term with $2,700 payments on June 1 of each year, beginning June 1, 2019. Which of the following entries needs to be made on June 1, 2018? 10,000 Note Payable Accounts Payable 10,000 10,000 Note Payable Cash 10,000 Cash 10,000 Note Payable 10,000 Note Payable 2,700 2,700 Cash