Spicer Corporation issued a 3-year, $60,000, 6% note to Dorman Company on January 1, 2022, and received an excavator that normally sells for $54,031. The note requires annual interest payments each December 31. The market rate of interest for a note of similar risk is 10%. Prepare Spicer's journal entries for (a) the January 1 issuance and (b) the December 31 interest. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) (b) Account Titles and Explanation Debit Credit 17