TBTF Incorporated rents commercial real estate to locally based businesses. TBTF purchased a large office complex on January $2,2022.$ In exchange for the real estate, TBTF issued a non$-$interest bearing note to the seller. This note will be paid in equal instalments that include both principal and interest at the end of each calendar year. Other information pertaining to the purchase of the real estate follows: Annual instalment payment amount $$228,218$ Market rate of borrowing for TBTF $5\%$ Number of years note will be outstanding $6$ Portion of the purchase price to be allocated to land $19\%$ Portion of the purchase price to be allocated to land improvements $9\%$ TBTF has a year end date of December $31.$ Required:

Prepare the journal entries required by TBTF to account for the note on each of the following dates: January $2,2022$

December $31,2024$