On the first day of the fiscal year, Hammond Company borrowed $66,000 by giving a nine-year, 8% installment note to Vegas Bank. The note requires annual payments of $10, 697, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $5, 280 and principal repayment of $5417. Journalize the entries to record the following: 1. Issued the installment note for cash on the first day of the fiscal year. 2. Paid the first annual payment on the note. For a compound transaction, if an amount box does not require an entry, leave it blank