Question: 2 (10 Marks) On January 2, 2020, the Casual Elite Co. acquired land to build a distribution centre by issuing a 6%, three-year note for $200,000. The note will be paid in three annual payments of $74,822 each December 31. The payment schedule follows: Year 202 0 202 Annual Payment $ 74,822 Principal Portion of Payment $ 62,822 Interest Portion of Payment $ 12,000 Principal Balance at Year-End 137,178 74,822 66,591 8,231 70,587 1 202 2 74,822 70.587 4,235 0 Required: 1. Prepare the entry to: a. Issue the note on January 2, 2020. b. Record the annual payment on December 31, 2020. 2. Show how the note will appear on the December 31, 2020, balance sheet