On January 1 MM Co borrows $290,000 cash from a bank and in return signs an 4% installment note for five annual payments of $65,142 each 1. Prepare the journal entry to record issuance of the note 2. For the first 565342 annual payment at December 31, what amount goes toward interest expense? What amount goes toward principal reduction of the note? 06 Complete this question by entering your answers in the tabs below. Hequired Required 2 Precare the journal entry to record instance of the note View transaction list Journal entry worksheet > Record the issuance of the note Date General Journal Debit Jan 01 7 On January 1, MM Co. borrows $290,000 cash from a bank and in return signs an 45 instaliment note for five annual payments of $65,142 each 1. Prepare the journal entry to record issuance of the note 2. For the first $65,142 annual payment at December 31, what amount goes toward interest expense? What amount goes toward principal reduction of the note 145 54 Complete this question by entering your answers in the tabs below. Required 1 Required For the first $65,142 annual payment at December 31, what amount goes toward interest expense? What amount goes toward principal reduction of the note? starost opere Principal roduction