Sandview Co. borrowed $265,000 cash form West Bank by signing a three- year installment note with a 12 percent interest rate on January 1, 2004. The note requires equal payments of $ 110,332 at the end of every year on December 31st. The amortization table below is for the installment note. Payment Balance, Payment Interest Amortization Balance date Beginning Expense Ending. Dec312004 265,000 110,332 31,800 78,532 186,468 Dec312005 186,468 110,332 22,376 87,956 98,511 Dec312006 98,511 110,332 11,821 98,511 0 Required. Prepare Journal entries for the following. 1. The note's Issuance on January 1, 2004. 2. The First payment on December 31, 2004.