3 On January 2, 2020, the Casual Elite Co. acquired land to build a distribution centre by issuing a 8%, three-year note for $206,000 The note will be paid in three annual payments of $79.935 each December 31. The payment schedule follows: Principal Interest Principal Annual Portion of Portion of Balance at Year Payment Payment Payment Year-End 2020 $79,935 $63,455 $16,480 $142,545 2021 79,935 68,531 11,484 74,014 2022 79,935 74,014 5,921 a 0 Dints Print Required: 1. Prepare the entry to: a. Issue the note on January 2, 2020 b. Record the annual payment on December 31, 2020 View transaction list Journal entry worksheet > 1 N 3 Record entry Clear entry View general journal 10 points Print 2. Show how the note will appear on the December 31, 2020, balance sheet. CASUAL ELITE CO. Partial Balance Sheet December 31, 2020 Liabilities: Current liabilities: Non-current liabilities: 3 of 5 Prev Next > Mc Graw lic a be here to search