On January 1, 2014. Allarco Inc. borrowed $255,000 from the bank. Interest is calculated at the rate of 10% and the term of the note is four years. Four equal annual payments will be made in the amount of $80,445 each December 31. The payment schedule is shown below: Year 2014 2015 2016 2017 Annual Principal Portion of Payment Payment 80 445 54.945 80.445 60,439 80.445 66,483 80,445 73,133 Interest Portion of Payment 25,500 20,006 13,962 7,312 Principal Balance at Year-End 200,055 139,616 73,133 0 TE a) Show how Allarco Inc. will show the note on the year-end December 31, 2014 balance sheet 1 Liabilities Current Liabilities te Current portion of Notes Payable 1 Long Term Liabilities Notes Payable Str b) Show how Allarco Inc. will show the note on the year-end December 31, 2015 balance sheet Liabilities Current Liabilities Current portion of Notos Payable 21 stri Long Term Liabilities Notes Payable 1