Question 3 Assad Inc. issued a five-year, 12% instalment note payable, with fixed principal payments plus interest, due annually. The following instalment payment schedule is partially completed: Fill in the missing amounts. Interest Period Issue date Cash Payment Interest Expense Reduction of Principal Principal Balance $50,000 1 $16,000 40,000 2 14,800 4,800 3 3,600 12,400 2,400 10,000 11,200 1,200 LINK TO TEXT What are the current and non-current portions of the note at the end of period 3? Current portion Non-current portion