On March 1,2016,Vantage Services Issued a 9% Long-Term Notes Payable

On March 1,2016,Vantage Services issued a 9% long-term notes payable for $30,000.It is payable over a 14-year term in $2,143 principal installments on March 1 of each year,beginning March 1,2017.Each yearly installment will include both principal repayment of $2,143 and interest payment for the preceding one-year period.The journal entry to pay the first installment will include a debit to Interest Expense for $2,700.