Exercise 15-19 On January 1, 2017, Blossom Corp. borrows $14,400 by signing a 3-year, 6% note payable. The note is repayable in three annual fixed payments on December 31 of each year. Calculate the annual principal payment. Annual principal payment $ Prepare an instalment payment schedule for the note. (Round answer to o decimal places, e.g. 5,276.) Period Cash payment Interest Expense 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, 2017 Dec. 31, 2017 What amounts would be reported as current and non-current in the liabilities section of Blossom's balance sheet on December 31, 2017? Current liability Non-current liability $