On January$1,$

$20242024,$

Lynd minus FlintLynd$$Flint

signed a

$ $240$ comma $000$$$240,000,$

$88-$year,

$66\%$

note. The loan required

Lynd minus FlintLynd$$Flint

to make annual payments on December $31$ of

$ $30$ comma $000$$$30,000$

principal plus interest.

Requirements

$1.$

Journalize the issuance of the note on January$1,$

$20242024.$

$2.$

Journalize the first note payment on December$31,$

$20242024.$

Question content area bottom

Part $1$

Requirement $1.$ Journalize the issuance of the note on January$1,$

$20242024.$

$($Record debits$$ first, then credits. Select explanations on the last line of the journal$$ entry.$)$

Date

Accounts and Explanations

Debit

Credit

$2024$

$$

$$

$$

Jan. $1$

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

$$

Part $2$

Requirement $2.$ Journalize the first note payment on December$31,$

$20242024.$

$($Record debits$$ first, then credits. Select explanations on the last line of the journal$$ entry.$)$

Date

Accounts and Explanations

Debit

Credit

$2024$

$$

$$

$$

Dec. $31$