Short Exercises Assume bonds payable are pavable are amortized using the straight-line amortization thod unless stated otherwise. Accounting for a long-term note payable ary 1, 2018, Lakeman-Fay signed a $1,500,000, 15-year, 7% note. The loan dLakeman-Fay to make annual payments on December 31 of $100.000 Learning Objective 1 On January 1, 2018. La required Lakeman principal plus interest. Requirements lournalize the issuance of the note on January 1, 2018. Journalize the first note payment on December 31, 2018