On January 1, 2017, Blossom Corp. borrows $21,000 by signing a 3-year, 9% 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

$

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Prepare an instalment payment schedule for the note. (Round answer to 0 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

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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 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 1, 2017
Dec. 31, 2017

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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		$