On January 2, 2023, 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: Annual Principal Portion of Interest Portion of Principal Balance at Year 2023 2024 Payment Payment Payment Year-End $84,458 $72,958 84,458 76,606 $11,500 7,852 $157,042 2025 84,458 80,436 4,022 80,436 0 Required: 1. Prepare the entry to: a. Issue the note on January 2, 2023. b. Record the annual payment on December 31, 2023. Journal entry worksheet < 1 2 Record the issuance of 5%, 3-year note. Note: Enter debits before credits. Date Jan 02, 2023 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < 1 2 Record the annual payment on note payable. Note: Enter debits before credits. Date Dec 31, 2023 General Journal Debit Credit Clear entry View general journal Record entry 2. Show how the note will appear on the December 31, 2023 balance sheet. CASUAL ELITE CO. Partial Balance Sheet December 31, 2023 Liabilities: Current liabilities: Non-current liabilities: