On January 1, 2015, Guiado Company obtained a $140,000, 10-year, 11% installment note from Scotiabank. The note requires annual payments of $23,772, beginning on December 31, 2015. Journalize the entries to record the following:
2015
Jan. 1 Issued the notes for cash.
Dec. 31 Paid the annual payment on the note, which consisted of interest and principal repayment.
2024
Dec. 31Paid the annual payment on the note, which consisted of interest of $2,353 and principal of $21,419.