Required information [The following information applies to the questions displayed below.] 2. On January 1, MM Company borrows $430,000 cash from a bank and in return signs an 4% installment note for five annual payments of $96,590 each. Analyze transactions involving issuance of the note and its first annual payment, by showing their effects on the accounting equation -specifically, identify the accounts and amounts (including + or -) for each transaction. Date Assets Liabilities Jan 1 Equity Dec 31 +