Business, 09.03.2021 17:50, jjgurl60

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 paymets of $74,822 each December 31. The payment sehedule follows Yeur Annmal Payment Principul Purtion of Payment Interest Portiou of Payment Principal Balance at Year-End 2020 S74,822 $62,822 $12,000 $137.178 2021 74,822 66,591 8,231 70,587 2022 74,822 70,587 4,235 Required 1. Prepare the entry tor a. Issue the note on January 2. 2020. h. Record the annual payment on December 31, 2020. 2. Show how the note will appear on the December 2020, balance sheet.

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On January 2. 2020, the Casual Elite Co. acquired land to build a distribution centre by issuing a 6...