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