On January 1, the first day of the fiscal year, Shiller Company borrowed 579,000 by giving a seven-year, 12% instalment note to Soros Bank. The note require annual payments of $17,310, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $9,480 and principal repayment of $7,830. Required: a. Journaize the entries to record the following transactions. Refer to the chart of accounts for the exact working or te account the CNOW Journals do not use Nnes for journal explanations. Every one on a journal page is used for debit or createnie CNOW journals will automatically indent a credit antry when a credit amount is entered 1. ssued the installment note for cash on the first day of the fiscal year 2. Paid the first annual payment on the note: b. Explain how the notes payable would be reported on the balance sheet at the end of the first year JOURNAL ACCOUNTING EQUAT DATE DESCRIPTION POST REF DEBIT CREDIT ASET Final Question b. Explain how the notes payable would be reported on the balance sheet at the end of the first year Notes payable are reported as liabilities on the balance sheet. The portion of the note payable that is due within The remaining portion of the note payable that is not due within that period of time is reported as ain) is reported as a