On January 1, 2024, Wolstenholme Corp. borrows $18,000 by signing a 3-year, 7% note payable. The note is repayable in three annual blended payments of $6,859 on December 31 of each year.

Instructions
a. Prepare an instalment payment schedule for the note.
b. Prepare journal entries to record the note and the first instalment payment.
c. What amounts would be reported as current and non-current in the liabilities section of Wolstenholme’s balance sheet at December 31, 2024?