On March​ 1, 2016, Emerson Services issued a​ 9% long-term notes payable for​ $20,000. It is payable over a​ 5-year term in​ $4,000 annual principal payments on March 1 of each year plus​ interest, beginning March​ 1, 2017. Each yearly installment will include both principal repayment of​ $4,000 and interest payment for the preceding​ one-year period. On March​ 1, 2017,​ ________. The accounting period ends on December 31.