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On January 1, 2024, Village Construction financed the purchase of a new building by borrowing...

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Accounting

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On January 1, 2024, Village Construction financed the purchase of a new building by borrowing $616,000 from the bank using a year, 6% note payable. Payments of $3,693.23 are due at the end of each month, with the first installment due on January 31,202 Record the issuance of the installment note payable and the first monthly payment. (If no entry is required for a particular. transaction/event, select "No Journal Entry Required" in the first account field. Do not round your intermediate calculations. Round your final answers to 2 decimal places.)

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