US on January 1, the first day of the fiscal year, Shiller Company borrowed $79.000 by giving a seven your, 12matment note to Soros Bank The note requires and payments of $17310, with the first payment occurring on the last day of the focal year. The first payment consists of interest of $9,400 and principal repayment of $7,830 Required: A Journalize the entries to record the following transactions Refer to the Chart of Accounts for exact worthy of account titles 1 issued the installment role for cash on the first day of the fiscal year 2. Paid the first animal payment on the note B. Explain how the notes payable would be reported on the balance sheet at the end of the first year Journakze the entries to record the selected transactions. Pofer to the Chart of Accounts for exact wording of account titles PAGE 10 ACCOUNTING EQUATION JOURNAL FOOTTY DET POSTRI CHEAT ASSETS DAR DESCRON 1