Question: Elbow Lake Corp. issues a $600,000, 4-year, 4% note payable on March 31, 2017. The terms provide for fixed principal payments annually of $150,000. (a)

Elbow Lake Corp. issues a $600,000, 4-year, 4% note payable on March 31, 2017. The terms provide for fixed principal payments annually of $150,000.
(a) Prepare the journal entries to record the note on March 31, 2017, and the first payment on March 31, 2018.
(b) Show the presentation of the current and non-current liability related to the note as at March 31, 2018.

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