On January 1, 2021, Blossom Corp. borrows $40,000 by signing a 3-year, 8% note payable. The note is repayable in three annual blended payments of $15,521 on December 31 of each year. Prepare an instalment payment schedule for the note. (Round answers to decimal places, eg. 5,276.) Period Cash payment Interest Expense 8% Reduction of Principal Principal Ba Jan. 1. 2021 GA $ Dec. 31, 2021 Dec. 31, 2022 Dec. 31. 2023 List of Accounts 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 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 (To record issuance of note.) Dec. 31 (To record payment on note.) What amounts would be reported as current and non-current in the liabilities section of Blossom's balance sheet at December 31, 2021? Current liability Non-current liability $