Entries or nitallent e Transactions Onth" first ofthe fiica , saser Company borrowed $55,000 by giving a sirnea, iis instalisent note to Sores Bank. The note requires annual payment et siine, with ae kit pay ocurring on the last dey of the fiscal year. The first payment consists of interest of $6,050 and princdipal repayment of $7,166 Journalise the entries to record the following 1 ud the installment note for cash on the first day of the fiscal year a2- Paid first wim1 payment on the note. If an amount box does not require an entry, leave it blank. Entries for Installment Note Transactions On the first day of the fiscal year, shiller Company borrowed $55,000 by giving a six-year, 11% installment note to Soros Bank. The note requires annual occurring on the last day of the fiscal year. The first payment consists of interest of $6,050 and principal repayment of $7,166 Journalize the entries to record the following payments of S 13,216, with the first payment a1. Issued the installment note for cash on the first day of the fiscall year Notes Payable a2. Paid the first annual payment on the note. If an amount box does not require an entry, leave it blank. Interest Ex Notes Payable Cash