Question: PE 14-8A Journalizing installment notes OBJ. 4 On the first day of the fiscal year, a company issues $89,000, 6%, five-year installment notes that have

PE 14-8A Journalizing installment notes OBJ. 4 On the first day

PE 14-8A Journalizing installment notes OBJ. 4 On the first day of the fiscal year, a company issues $89,000, 6%, five-year installment notes that have annual payments of $21,128. The first note payment consists of $5,340 of interest and $15,788 of principal repayment. a. Journalize the entry to record the issuance of the installment notes. b. Journalize the first annual note payment

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