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. Joumalize the following entries: (a) Issued the installment note for cash on January 1. (b) Paid the first annual payment on the