On January 1, 2025 , Leng minus Fern signed a $ 1 comma 200 comma 000 , 15 -year, 7 % note. The loan required Leng minus Fern to make annual payments on December 31 of $ 80 comma 000 principal plus interest. Requirements 1. Journalize the issuance of the note on January 1, 2025 . 2. Journalize the first note payment on December 31, 2025 . Question content area bottom Part 1 Requirement 1. Journalize the issuance of the note on January 1, 2025 . (Record debits first, then credits. Select explanations on the last line of the journal entry.) Date Accounts and Explanations Debit Credit Jan. 1, 2025 Part 2 Requirement 2. Journalize the first note payment on December 31, 2025 . (Record debits first, then credits. Select explanations on the last line of the journal entry.) Date Accounts and Explanations Debit Credit Dec. 31, 2025