On January 2, 2023, the Casual Elite Co. acquired land to build a distribution centre by issuing a 8%, three-year note for $210,000. The note will be paid in three annual payments of $81,487 each December 31. The payment schedule follows: Year Interest Portion of Payment Principal Balance at 10 points Annual Principal Portion of Payment Payment Year-End 2023 $81,487 $64,687 $16,800 2024 81,487 69,862 eBook 2025 81,487 75,451 11,625 6,036 $145,313 75,451 Print References 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 View journal entry worksheet No Date . General Journal Debit Credit 1 Jan 02, 2023 Land 210,000 Notes payable 210,000 2 Dec 31, 2023 Interest expense Notes payable Cash 16,800 64,687 81,487