Required informationUse the following information for the Quick Studies below. $($Static$)$Skip to question$[$The following information applies to the questions displayed below.$]$On January $1,$ MM Company borrows $$340,000$ cash from a bank and in return signs an $8\%$ installment note for five annual payments of $$85,155$ each.QS $10-15($Static$)$ Financial statement impact of note transactions LO C$1$Analyze transactions involving issuance of the note and its first annual payment, by showing their effects on the accounting equationspecifically, identify the accounts and amounts $($including $+$ or $)$ for each transaction.