Wed 9 46 PM Sara . Help Save & Exit Submit O, January 1, 2017, MM Co. borrows S300,000 cash from a bank and in return signs an 8% installment note sor annual payments of $75,137 each, with the first payment due one year after the note is signed.(Table 8.3) (Use PV factors from table provided.) 1. Prepare the journal entry to record issuance of the note. Journal entry worksheet the issuance of t Prev 3 of 38 Next > 7 8 : 55% .- Wind 9 46 PM Help Save & Exit Subm Clear entry View general journal 2. For the first $75,137 annual payment at December 31, 2017, what amount goes toward interest expense? What amount goes toward principal reduction of the note? Principal seduction 8 9 Wed 9 46 PM Sara . Help Save & Exit Submit O, January 1, 2017, MM Co. borrows S300,000 cash from a bank and in return signs an 8% installment note sor annual payments of $75,137 each, with the first payment due one year after the note is signed.(Table 8.3) (Use PV factors from table provided.) 1. Prepare the journal entry to record issuance of the note. Journal entry worksheet the issuance of t Prev 3 of 38 Next > 7 8 : 55% .- Wind 9 46 PM Help Save & Exit Subm Clear entry View general journal 2. For the first $75,137 annual payment at December 31, 2017, what amount goes toward interest expense? What amount goes toward principal reduction of the note? Principal seduction 8 9