Question #$3(7$ marks$)$

Spector Enterprises signed an installment note payable for $$75,000$ on December $31,2025.$ Terms are: inferest rate $9\%,$ with payments every year for $4$ years. The first payment is to be made on December $31,2026.$

REQUIRED:

Give the joumal entry to record the issuance of the note payable

Give the journal entry to record the fint ingtaimert peyment on December $31,2026$

Give the joumal entry to record the secend instaiment payment on December $31,2027$