On January 1, Year 1, Wedekind Company issued a $39,000,4 year, 10\% instaliment note to Shannon Bank. The note requires annual payments of 512,303 , beginuing on December 31 , Year 1. Jourralize the entries to record the following: Year 1 3an. 1 Issued the note for canh bt its tace ambint. Dec, 31 Daid the annual payment on the note, which cansested of interest of $3,900 and principat of $8,403. Yech4 Dec. 31 Paid the annual puyment on the nots, indiadng $1,119 of interest. The remainder of the payrnent reduced the principal balance on thit note. tssued the note for cash at its face amount. If an amount box does not require an entry, leave it blank. Year 1,lani1 * thee Mr Mrat each year as principal is inpaid, which degeaser the nileits Piid the annual paymente on the nole, including 51,119 of interest. The remainder of the parnient reduced the pondigal balance on the note. If an aincunt bex dees not ngguge an entry, Ieave it blank