Question: EE 14-8 p. 690 PE 14-8A Journalizing installment notes OBJ. 4 On the first day of the fiscal year, a company issues $65,000, 6%,

EE 14-8 p. 690 PE 14-8A Journalizing installment notes OBJ. 4 On

EE 14-8 p. 690 PE 14-8A Journalizing installment notes OBJ. 4 On the first day of the fiscal year, a company issues $65,000, 6%, five-year installment notes that have annual payments of $15,431. The first note payment consists of $3,900 of interest and $11,531 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. b. Journalize the first annual note payment.

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