On January 1, Year 1, Wedekind Company issued a $63,000, 4-year, 12% installment note to Shannon Bank. The note requires annual payments of $20,742, beginning on December 31, Year 1. Journalize the entries to record the following: Year 1 Jan. 1 Issued the note for cash at its face amount. Dec. 31 Paid the annual payment on the note, which consisted of interest of $7,560 and Year 4 principal of $13,182. Dec. 31 Paid the annual payment on the note, including $2,222 of interest. The remainder of the payment reduced the principal balance on the note. Issued the note for cash at its face amount. If an amount box does not require an entry, leave it blank. Year 1, Jan. 1 Cash Notes Payable 38 Feedback Feedback Notes Payable Check My Work Paid the annual payment on the note, which consisted of interest of $7,560 and principal of $13,182. If an amount box does not require an entry, leave it blank. Year 1, Dec. 31 Interest Expense Notes Payable Cash Feedback Check My Work Paid the annual payment on the note, including $2,222 of interest. The remainder of the payment reduced the principal balance on the note. If an amount box does not require an entry, leave it blank. Year 4, Dec. 31 Interest Expense Notes Payable Feedback Cash