Event $1$: Signed a note payable in January at the bank with the following terms: $-$ An annual principal amount of $\backslash (\backslash$$ $53,000\backslash )$ due each December $31$ for $8$ years $-$ Annual interest payment due each December $31$ for $8$ years $-8\backslash \%$ interest rate Account Notes Payable $\backslash (53,000\mathrm{.}00\backslash )$

the account is correct but the amount is not