Question: Help Save & Exit Submit On January 2, 2020, the Casual Elite Co. acquired land to build a distribution centre by issuing a 5%, three-year

Help Save & Exit Submit On January 2, 2020, the Casual

Elite Co. acquired land to build a distribution centre by issuing a

Help Save & Exit Submit On January 2, 2020, the Casual Elite Co. acquired land to build a distribution centre by issuing a 5%, three-year note for $202,000. The note will be paid in three annual payments of $74.176 each December 31. The payment schedule follows: Year 2020 2021 2022 Annual Payment $74, 176 74,176 74,176 Principal Portion of Payment $64, 076 67,280 70,644 Interest Portion of Payment $10,100 6,896 3,532 Principal Balance at Year-End $137,924 70,644 ed ht Required: 1. Prepare the entry to: a. Issue the note on January 2, 2020 b. Record the annual payment on December 31, 2020 View transaction list Journal entry worksheet 2 FHE Nex Prev View general journal 2. Show how the note will appear on the December 31, 2020, balance sheet. CASUAL ELITE CO. Partial Balance Sheet December 31, 2020 Liabilities: Current liabilities: Non-current liabilities: Prev 3 of 5 Next > rch

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