Refer to the information in BE9–1. Determine the financial statement effects of the issuance of the installment note and the first monthly payment.

Data from in BE9-1

On January 1, 2024, Corvallis Carnivals borrows $30,000 to purchase a delivery truck by agreeing to a 5%, five-year loan with the bank. Payments of $566.14 are due at the end of each month, with the first installment due on January 31, 2024. Record the issuance of the installment note payable and the first monthly payment.