On January 1,$50,000 cash is borrowed from a bank in return for a 6% installment note with 24 monthly payments of $2,216 each. 1. Prepare the journal entry to record the issuance of the note. 2. Prepare the journal entry to record the first monthly interest payment. Journal entry worksheet On January 1,$50,000 cash is borrowed from a bank in return for a 6% installment note with 24 monthly payments of $2,216 each. 1. Prepare the journal entry to record the issuance of the note. 2. Prepare the journal entry to record the first monthly interest payment. Journal entry worksheet Note: Enter debits before credits