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 $65,142 annual payment at December 31, what amount goes toward interest expense? What amount goes toward principal reduction of the note? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to record issuance of the note. View transaction list Journal entry worksheet Record the employee payroll for period. Note: Enter debits before credits Date General Journal Debit Credit Jan 15 Dunphy Company issued $18,000 of 8.0%, 10-year bonds at par value on January 1. Interest is paid semiannually each June 30 and December 31. Prepare the entries for (a) the issuance of the bonds and (c) the first interest payment on June 30 View transaction list Journal entry worksheet 2 >