On January 1, Yeargan Company obtained a $125.000. 7-year 5%. installment note from Farmers Bank. The note requires annual payments of $21.602, with the first payment occurring on the last day of the fiscal year. The first payment consists of $6.250 interest and principal repayment of $15, 352. Requirement: Journalize the following entries: Issued the installment notes for cash on January 1. Paid the first annual payment on the