On January 2, 2020, the Casual Elite Co acquired land to build a distribution centre by issuing a 7%, three-year note for $212,000. The note will be paid in three annual payments of $80,783 each December 31. The payment schedule follows: Principal Interest Principal Annual Portion of Portion of Balance at Year Payment Payment Payment Year-End 2020 $80,783 $65,943 $14,840 $146,057 2021 80,283 70,559 10,224 75,498 2022 80,783 75,498 5,285 Required: 1. Prepare the entry to o. Issue the note on January 2, 2020 b. Record the annual payment on December 31, 2020 View transaction list Journal entry worksheet > Record the issuance of 7%, 3-year note. Note Enter debits before credits General Journal Debit Credit Date Jan 02, 2020 Record entry Clear entry View general journal