Question: Note Payable) 151 (a). Journal Entries 2 points On January 1, 2021, IRCS Company obtained an $88,000, seven year 5% installment note from Farmers Bank.

Note Payable) 151 (a). Journal Entries 2 points On January 1, 2021, IRCS Company obtained an $88,000, seven year 5% installment note from Farmers Bank. The note requires annual payments of $15,208, with the first payment occurring on the last day of the year. The first payment consists of $4,400 interest and principal repayment of $10,808. Journalize the following entries: a. Issued the installment notes for cash on January 1, 2021. Debit Notes Paybale \$88.000; Credit Cash \$ 88,000 Debit Cash \$ 103,208; Credit Note Payable $103,208 Debit Cash \$88.000; Credit Note Payable $ 88,000

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