Required information Use the following information for the Quick Studies below. (Algo) [The following information applies...

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Required information Use the following information for the Quick Studies below. (Algo) [The following information applies to the questions displayed below.] On January 1, MM Company borrows $300,000 cash from a bank and in return signs an 8% installment note for five annual payments of $75,137 each. QS 14-15 (Algo) Financial statement impact of note transactions LO C1 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. Required information Use the following information for the Quick Studies below. (Algo) [The following information applies to the questions displayed below.] On January 1, MM Company borrows $300,000 cash from a bank and in return signs an 8% installment note for five annual payments of $75,137 each. QS 14-15 (Algo) Financial statement impact of note transactions LO C1 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.