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Show how the note will appear on the december

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Reference no: EM132588184

On January 2, 2020, the Casual Elite Co. acquired land to build a distribution centre by issuing a 6%, three-year note for $200,000. The note will be paid in three annual payments of $74,822 each December 31. The payment schedule follows:
 
Year                                                          2020                  2021                  2022
Annual Payment                             $74,822             74,822             74,822
Principal Portion of Payment              $62,822            66,591             70,587
Interest Portion of Payment             $12,000              8,231              4,235
Principal Balance at Year-End           $137,178            70,587               0

Required:

Question 1. Prepare the entry to:

a. Issue the note on January 2, 2020.
b. Record the annual payment on December 31, 2020.

Question 2. Show how the note will appear on the December 31, 2020, balance sheet.

Reference no: EM132588184

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