On January 2, 2023, the Casual Elite Co. acquired land to build a distribution centre by issuing a 8%, three-year note for $240,000. The note will be paid in three annual payments of $93,128 each December 31. The payment schedule follows: Year Annual Payment Principal Portion of Payment Interest Portion of Payment Principal Balance at Year-End 2023 $ 93,128 $ 73,928 $ 19,200 $ 166,072 2024 93,128 79,842 13,286 86,230 2025 93,128 86,230 6,898 0 Required: 1. Prepare the entry to: Issue the note on January 2, 2023. Record the annual payment on December 31, 2023.