The following instalment payment schedule is for a long-term mortgage payable for Melrose Enterprises: Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Jan 1, 2020 $120,000.00 Dec 31, 2020 $28,487.57 $7,200.00 $21,287.57 98,712.43 Dec 31, 2021 28,487.57 $5,922.75 22,564.82 76,147.61 Dec 31, 2022 28,487.57 $4,568.86 23,918.71 52,228.89 Dec 31, 2023 28,487.57 $3,133.73 25,353.84 26,875.06 Dec 31, 2024 28,487.57 $1,612.50 26,875.06 0.00 In addition to the mortgage payable, Melrose also has balances in the following select accounts on December 31, 2022 Accounts Payable $25,000 Bank overdraft $12,500 Income Tax Payable $11,500 Interest Expense $2,750 Unearned Revenues $1,250 Instructions a) b) Prepare the necessary entry to update the current portion of long-term debt account for December 31, 2022 Prepare the liabilities section of the statement of financial position for December 31, 2022, for Melrose Enterprises.