Question: Elbow Lake Corp. issues a $600,000, 4-year, 4% note payable on March 31, 2024. 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, 2024. The terms provide for fixed principal payments annually of $150,000. 

a. Prepare the journal entries to record the note on March 31, 2024, and the first payment on March 31, 2025. 

b. Show the balance sheet presentation of the current and non-current liabilities related to the note as at March 31, 2025.

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