Exercise $9-3($Static$)$ Record installment notes $($LO$9-2)$

On January $1,2024,$ Jalen Company purchased land costing $$800,000.$ Instead of paying cash at the time of purchase, Jalen plans to make four installment payments of $$215,221\mathrm{.}64$ on June $30$ and December $31$ in $2024$ and $2025.$ The payments include interest at a rate of $6\%.$

Required:

Record the purchase of land when the note is issued.

Record the first installment payment on June $30,2024,$ and the second installment payment on December $31,2024.$

Calculate the balance of Notes Payable and Interest Expense on December $31,2024.$