On January 1, 2016, Locker-Farrell signed a $200,000, 10-year, 13% note. The loan required Locker-Farrell to make

Question:

On January 1, 2016, Locker-Farrell signed a $200,000, 10-year, 13% note. The loan required Locker-Farrell to make annual payments on December 31 of $20,000 principal plus interest.
Requirements
1. Journalize the issuance of the note on January 1, 2016.
2. Journalize the first note payment on December 31, 2016.