On the first day of the fiscal year, Hammond Company borrowed $33,000 by giving a seven-year, 8% installment note to Vegas Bank. the note requires annual payments of $6, 404, with the first payment occurring on the last day of the fiscal year. the first payment consists of interest of $2, 640 and principal repayment of $3, 764. the entries to record the following: issued the installment note for cash on the first day of the fiscal year. Paid the first annual payment on the note. For a compound transaction, if an amount box does not require an entry, leave it blank