Required Information Use the following Information for the Quick Studies below. (Algo) [The following information applies to the questions displayed below.] On January 1, MM Company borrows $330,000 cash from a bank and in return signs an 4% Installment note for five annual payments of $74,127 each. QS 10-14 (Algo) Issuance and interest for installment note LO C1 1. Prepare the journal entry to record issuance of the note. 2. For the first $74,127 annual payment at December 31, what amount goes toward Interest expense? What amount goes toward principal reduction of the note? 1 Record the issuance of the note. Note: Enter debits before credits. Date General Journal Debit Credit January 01 Record entry Clear entry View general journal For the first $74,127 annual payment at December 31, what amount goes toward interest expense? What amount goes toward principal reduction of the note? Interest expense Principal reduction Required Information Use the following Information for the Quick Studies below. (Algo) [The following information applies to the questions displayed below.] On January 1, MM Company borrows $330,000 cash from a bank and in return signs an 4% Installment note for five annual payments of $74,127 each. QS 10-15 (Algo) Financial statement impact of note transactions LO C1 Analyze transactions involving Issuance of the note and its first annual payment, by showing their effects on the accounting equation, specifically, Identify the accounts and amounts (Including + or -) for each transaction. Assets = Liabilities Equity Date January 1 December 31