On January 2, 2020, the Casual Elite Co acquired land to build a distribution centre by issuing a 6%, three-year note for S200.000. The note will be paid in three annual payments of $74,822 each 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 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