On January 1, MM Co. borrows $410,000 cash from a bank and in retum signs an 4% installment note for five annual payments of $92,097 each 1. Prepare the foumal entry to record issuance of the note 2. For the first $92,097 annual payment at December 31, what amount goes toward Interest expense? What amount goes toward principal reduction of the note? Complete the question by entering your answers in the tales below. Required 1 Required 2 Prepare the journal entry to record issuance of the note View transaction list Journal entry worksheet Record the issuance of the note. Note Enter debits before credits. Date General pumal Debit Credit Jero QS 14-12 Issuance and interest for installment note LO C1 On January 1, MM Co borrows $410,000 cash from a bank and in return signs an 4% installment note for five annual payments of $921097 each 1. Prepare the journal entry to record issuance of the note. 2. For the first $92,097 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 For the first $92,097 annual payment at December 31. what amount goes toward interest expense? What amount goes toward principal reduction of the note? Interest expense Principal reduction Required