Saved On January 2, 2023, the Casual Elite Co. acquired land to build a distribution centre by issuing a 5%, three-year note for $201,000. The note will be paid in three annual payments of $73,809 each December 31. The payment schedule follows: Year 2023 2024 Annual Payment $73,809 Principal Portion of Interest Portion of Payment Payment $63,759 73,809 66,947 2025 73,809 70,294 3,515 $10,050 6,862 Principal Balance at Year-End $137,241 70,294 0 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 Journal entry worksheet 1 2 Record the issuance of 5%, 3-year note. Note: Enter debits before credits. Date General Journal Debit Credit www < Prev 5 of 7 Next > View transaction list Journal entry worksheet < 1 2m Record the annual payment on note payable. Note: Enter debits before credits. Date Dec 31, 2023 Saved General Journal Debit Credit View general journal Record entry Clear entry 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: