Required information [The following information applies to the questions displayed below.) On January 1, 2021, Strato Corporation borrowed $2 million from a local bank to construct a new building over the next three years. The loan will be paid back in three equal installments of $776,067 on December 31 of each year. The payments include interest at a rate of 8%. Use amounts from the amortization schedule to record each installment payment. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Date Account Title Debit Credit 1 December 31, 2021 160,000 Notes Payable 616,067 Cash 776,067 2 December 31, 2022 110,715 Notes Payable 665,352 Cash 776,067 3 December 31, 2023 57,486 718,581 Notes Payable Cash 776,067