The following instalment payment schedule is for an instalment note payable:

Instructions
(a) Is this a fixed principal or blended payment schedule?
(b) What is the interest rate on the note?
(c) What is the maturity date on the note?
(d) Prepare the journal entry to record the first instalment payment.
(e) What are the non-current and current portions of the note at the end of period 2?

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Interest Peiod Cash PaymenInterest Expense Reduction of PrincipalPrincipal Balance Jan. 1, 2013 July 1, 2013 Jan. 1,2014 July 1, 2014 Jan. 1,2015 24,750 24,000 23,250 22,500 6,000 5,250 4,500 3,750 18,750 18,750 18,750 18,750 $150,000 131,250 112,500 93,750 75,000