On January 1, 2022, Priolo Builders Company borrowed $650,000 by issuing 4%, 5-year notes. The full amount of the cash was received immediately. Under the terms of the loan agreement, Priolo must make principal and interest payments every 6 months, beginning June 30, 2022. The note matures on December 31, 2026. The company's fiscal year ends on December 31. Read the requirements. Requirement a. Prepare the journal entry to record the issuance of the note payable. (Record debits first, then credits. Exclude explanations from any journal entries.) Account Cash January 1, 2022 650,000 Long-Term Note Payable 650,000 Requirement b. Determine the semiannual payment required under the loan agreement. (Use a financial calculator, or a spreadsheet for your calculations. Round your final answer to the nearest dollar, $X.) The semiannual payment required under the loan agreement =