1. :: On October 1, 2021, Boyd Corporation issues notes payable in the amount of $500,000. The principal on the notes is due in equal installments over the next five years with an interest rate of 4%. Interest is due and payable on each of the principal payment dates. Required: 1. Show the journal entry for the issuance of notes on October 1, 2021. Identify the effect (direction and amounts) of the transaction on assets, liabilities, and equity. 2. Show the adjusting journal entry that would be necessary on December 31, 2021. Identify the effect direction and amounts) of the transaction on assets, liabilities, and equity. 3. Show the journal entry for the first principal and interest payment on October 1, 2022. Identify the effect (direction and amounts) of the transaction on assets, liabilities, and equity