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JLO Enterprises provides guided tours around Mt$.$ Tahoma $($known to a few people as Mt$.$ Rainier$).$ To finance its expansion, on January $1,$ JLO Enterprises borrowed cash by signing a four$-$year, $9\%$ installment note. The four installments are paid on December $31$ of each year. Each installment payment is $$7,099,$ consisting of accrued interest and principal.

Prepare the journal entries to record the note's issuance and each of the four payments.

Note: Round intermediate calculations and final answers to the nearest dollar.

Journal entry worksheet

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Eagle borrows $$23,000$ cash by signing a four$-$year, $9\%$ installment note.

Record the issuance of the note on January $1,$ Year $1.$

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$January $1,$ Year $1,,,],[,,,],[,,,],[,,,]]$