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: Principal Balance at Year 2023 2024 Annual Payment Principal Portion of Interest Portion of Payment Payment Year-End $84,458 $72,958 $11,500 $157,042 84,458 76,606 7,852 80,436 2025 84,458 80,436 4,022 8 Required: 1. Prepare the entry to: a. Issue the note on January 2, 2023. b. Record the annual payment on December 31, 2023. 1 2 points Print 2. Show how the note will appear on the December 31, 2023 balance sheet. Liabilities: Current liabilities: CASUAL ELITE CO. Partial Balance Sheet December 31, 2023 Non-current liabilities: