On January1, 2010, Yeargan Company obtained an $88,000, seven year 5% installment note from Farmers Bank. The note requires annual payments of $15,208, with the first payment occuring on the last day of the fiscal year. The payment consists of $4,400 interest and principal repayment of $10,808.Requirement(1) Journalize the following entries:a. Issued the installment notes for cash on January 1, 2010.b. Paid the first annual payment on the note.(2) Determine the amount of bond interst expense for the first year. Show method and work please
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