$[$The following information applies to the questions displayed below$]$

On January $1,$ MM Company borrows $$240,000$ cash from a bank and In return signs an $8$ installment note for five annual payments of $$60,110$ each.

Prepare the journal entry to record issuance of the note.

For the first $$60,110$ annual payment at December $31.$ what amount goes toward interest expense? What amount goes toward principal reduction of the note?

Complete this question by entering your answers in the tabs below.

Required $2$

Prepare the journal entry to record issuance of the note:

Journal entry worksheet

Record the is suance of the note.

Note: Etwer debist betore credts: