On January $1,2024,$ Evanston Corporation borrowed $$7$ million from a local bank to construct a new building over the next three years. The loan will be paid back in three equal installments of $$2,570,460$ on December $31$ of each year. The payments include interest at a rate of $5\%.$

Required:

Record the cash received when the note is issued. $($If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field. Enter your answer in dollars, not millions $($i$.$e$.,$ $$5\mathrm{.}5$ million should be entered as $5,500,000.)$

Journal entry worksheet

$1$

Record the receipt of cash from the issue of the note payable.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$January $01,2024,$Cash,,$],[,$Mintnc Dowshin,,C$]]$