On the first day of the fiscal year, a company issues $$26,000,12\%,$ three$-$year installment notes that have annual payments of $$10,825.$ The first note payment consists of $$3,120$ of interest and $$7,705$ of principal repayment.

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a$.$ Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank.

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b$.$ Journalize the first annual note payment. If an amount box does not require an entry, leave it blank.

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