On January 2, 2023, the Casual Elite Co. acquired land to build a distribution centre by issuing a 5%, three-year note for $235,000. The note will be paid in three annual payments of $86,294 each December 31. The payment schedule follows: Principal Interest Year Annual Payment Portion of Portion of Payment Payment 2023 $86,294 $74,544 $11,750 2024 86,294 78,271 8,023 2025 86,294 82,185 4,109 Principal Balance at Year-End $160,456 82,185 Required: 1. Prepare the entry to: a. Issue the note on January 2, 2023. b. Record the annual payment on December 31, 2023. View transaction list Journal entry worksheet 1 2 Record the issuance of 5%, 3-year note. Note: Enter debits before credits. Date Jan 02 2023 F General Journal Debit Credit < Prev 7 of 10 Next