On January 2, 2020, the Casual Elite Co. acquired land to build a distribution centre by issuing a 5% three-year note for $230,000. The note will be paid in three annual payments of $84,458 each December 31. The payment schedule follows Year Annual Payment Principal Portion of Interest Portion of Principal Balance at Payment Payment 2020 $84,458 $72,958 $11,500 2021 84,458 76,606 7,852 Year-End $157,042 80,436 2022 84,458 80,436 4,022 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 1 Record the issuance of 5%, 3-year note > Help Save & Exit Suba