On January 1, 2024, Lakeman-Fay signed a $1,500,000, 15-year, 7% note. The loan required Lakeman - Fay to make annual payments on December 31 of $100,000 principal plus interest. Requirements 1. Journalize the issuance of the note on January 1, 2024. 2. Journalize the first note payment on December 31, 2024. Requirement 1. Journalize the issuance of the note on January 1, 2024. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Date Accounts and Explanations 2024 Jan. 1 Debit Credit

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