On January 1, 2024, LeMay - Finn signed a $700,000, 10-year, 14% note. The loan required LeMay - Finn to make annual payments on December 31 of $70,000 principal plus interest. Requirements 1. Journalize the issuance of the note on January 1, 2024. 2. Journalize the first note payment on December 31, 2024 Requirement 1. Joumalize the issuance of the note on January 1, 2024. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Date Accounts and Explanations Debit Credit 2024 Jan. 1 Requirement 2. Joumalize the first note payment on December 31, 2024. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Credit Date Accounts and Explanations Debit 2024 Dec. 31