*Exercise 15-18 On January 1, 2017, Sheridan Corp. borrows $23,000 by signing a 3-year, 5% note payable. The note is repayable in three annual blended payments of $8,446 on December 31 of each year. Prepare an instalment payment schedule for the note. (Round answers to O decimal places, e.g. 5,276.) Period Cash payment Interest Expense 5% Reduction of Principal Principal Balance Jan. 1, 2017 $ $ $ $ Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2019 Prepare journal entries to record the note and the first instalment payment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 Dec. 31 What amounts would be reported as current and non-current in the liabilities section of Sheridan's balance sheet on December 31, 2017? Current liability Non-current liability $