On January 1, MM Co. borrows $440,000 cash from a bank and in return signs an 8% instaliment note for five annuat payments of \$10:201 each. 1. Prepare the foumal entry to record issuance of the note 2. For the first $110,201 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. Prepare the journal entry to record issuance of the note. Journal entry worksheet Journal entry worksheet Record the Issuance of the note. Notes foter debts before credith. On January 1, MM Co. borrows $440.000 cash from a bank and in return signs an 8. installment note for five annual payments of $110,201 each 1. Prepare the joumal entry to record issuance of the note 2. For the first $110,201 annuaf payment at December 31 , what anount goes toward interest expense? What amount goes toward principal reduction of the note? Complete this question by entering your answers in the tabs below. For the first $110,201 annual payment at December 31 , what amount goes toward interest expense? What amount goes toward principal reduction of the