On January 1, 2024, a company borrows $35,000 by agreeing to a 9%, 4 year note with the bank Payments of $870 98 are due at the end of each month with the first installment due on January 31, 2024 Required: 1. How will the issuance of the installment notes payable affect the francial statements 2. How will the first two monthly payments affect the financial statements Complete this question by entering your answers in the tabs below. Required 1 Required 2A Reqared 20 How will the nuance of the installment notes payable affect the financial statements Note: Amounts to be deducted should be indicated with a mus sign Assets Balance Sheet Stockholders' Equity Common Mick Retained Earnings Required 2A > Expenses