On January 1, 2024, Livingston Company purchased land costing $635,000. Instead of paying cash at the time of purchase, Livingston plans to make four instaliment payments of $170.83217 on June 30 and December 31 in 2024 and 2025. The payments include interest at a rate of 6%. Required: 1. Record the purchase of land when the note is issued. 2. Record the first instaliment payment on June 30, 2024, and the second installment payment on December 31,2024 3. Calculate the balance of Notes Payable and Interest Expense on December 31, 2024. Complete this question by entering your answers in the tabs below. Record the purchase of iand when the note is issued. (If no entry is required for a particular transaction/event, solect "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. Record the payment of first installment on note. fownown dahite hefore credits. Record the payment of second installment on note. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Calculate the balance of Notes P Interest Expense on December 31, 2024. (Do not Round your answers to 2 decimal places.)