On January 2, 2020, the Casual Elite Co. acquired land to build a distribution centre by issuing a 6%, three year note for $200,000. The note will be paid in three annual payments of $74,822 cach December 31. The payment schedule follows: Year Annual Payment Principal Portion of Payment Interest Portion of Payment Principal Balance at Year-End 2020 $74,822 $62.822 $12,000 $137,178 2021 74,822 66,591 8,231 70,587 2022 74,822 70.587 4,235 0 Required 1. Prepare the entry to: a. Issue the note on January 2, 2020. b. Record the annual payment on December 31, 2020. 2. Show how the note will appear on the December 31, 2020. balance sheet