On January 2, 2020, the Casual Elite Co. acquired land to build a distribution centre by issuing a 7%, three-year note for $214,000. The note will be paid in three annual payments of $81,545 each December 31. The payment schedule follows: Principal Balance at Year 2020 Annual Payment $81,545 Principal Portion of Interest Portion of Payment Payment Year-End $66,565 $14,980 $147,435 2021 81,545 71,225 10,320 76.210 2022 81,545 76,210 5,335 0 Required: 1. Prepare the entry to: a. Issue the note on January 2, 2020. b. Record the annual payment on December 31, 2020 View transaction list Journal entry worksheet 2. Show how the note will appear on the December 31, 2020, balance sheet. Liabilities: Current liabilities: CASUAL ELITE CO. Partial Balance Sheet Non-current liabilities: December 31, 2020