On January 1, Yeargan Company obtained a $125,000, seven-year 5% installment note from Farmers Bank. The note requires annual payments of $21,602, with the first payment occurring on the last day of the fiscal year. The first payment consists of $6,250 interest and principal repayment of $15,352. Journalize the following entries: Required: a. Issued the installment notes for cash on January 1.* b. Paid the first annual payment on the note.*

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A: Solution 1-                                                                           Journal…

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A: Solution 1-                                                                          Journal entries…

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