A local company has just approached a venture capitalist for financing to develop a ski hill . On April 1 , 2024 , the venture capitalist lent the company $ 1.09 million at an interest rate of 5 % . The loan is repayable over four years in fixed principal payments . The first payment is due March 31 , 2025. The ski hill operator's year end will be December 31 . Record the issue of the note payable on April 1 , 2024. ( List debit entry before credit entry . Credit account titles are automatically indented when the amount is entered . Do not indent manually . If no entry is required , select " No Entry " for the account titles and enter for the amounts . ) Date Account Titles Debit Credit Apr. 1

Calculate the amount of the fixed principal payment . Fixed principal payment $ Question Part Score /2 Record the accrual of interest on December 31, 2024, and the instalment payment on March 31, 2025. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts . Record journal entries in the order presented in the problem.) Debit Credit ate Account Titles