Required information [The following information applies to the questions displayed below.] On January 1, 2024, Monster Corporation borrowed $11 million from a local bank to construct a new highway over the next four years. The loan will be paid back in four equal installments of $3,247,509 on December 31 of each year. The payments include interest at a rate of 7%. Required: 1. Record the cash received when the note is issued. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answer in dollars, not millions (i.e., $5.5 million should be entered as 5,500,000).)