2. On January 1, 20x1, J & J Co. issues a noninterest bearing note of P3,000,000 in exchange for equipment. The note is due in three equal annual installments every December 31. The effective interest rate is 18%. Requirement: a. compute for current and noncurrent portions of the note payable on December 31, 20x1. b. Compute for the balance of discount on note payable on December 31, 20x1 and determine how this amount is allocated to the current and non current portions of the note. c. Provide all the entries during the term of the note payable.