3 9 points 02:41:15 ! Required information [The following information applies to the questions displayed below.] On January 1, MM Company borrows $380,000 cash from a bank and in return signs an 8% installment note for five annual payments of $95,173 each. 1. Prepare the journal entry to record issuance of the note. 2. For the first $95,173 annual payment at December 31, what amount goes toward interest expense? What amount goes toward principal reduction of the note? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry to record issuance of the note. View transaction list Journal entry worksheet **********

Required information [The following information opplies to the questions cisplayed below] On January 1, MM Company borrows $380,000 cash from a bank and in return signs an 8% installment note for the annual payments of $95,173 each 1. Prepare the journat entry to record issuance of the note. 2. For the first 595,173 annual payment at December 3t, what amount goes toward interest expense? What amount goes toward principal reduction of the note? Complete this question by entering your answers in the tabs below. Pregare the joumal enty to record iswiance of the note: Journal entry worksheet