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On January 2,2023 , the Casual Elite Co. acquired land to build a distribution centre by issuing a 7%, three-year note for $230,000. The note will be paid in three annual payments of $87,642 each December 31 . The payment schedule follows: Required: 1. Prepare the entry to: a. Issue the note on January 2,2023. b. Record the annual payment on December 31, 2023. Record the issuance of 7%,3-year note. Note: Enter debits before credits. Record the annual payment on note payable. Note: Enter debits before credits. 2. Show how the nofe will appear on the December 31,2023 balance sheet