On March 1, 2016, Emerson Services issued a 10% long − term notes payable for $21,000. It is payable over a 3 − year term in $7,000 annual principal payments on March 1 of each year plus interest, beginning March 1, 2017. Each yearly installment will include both principal repayment of $7,000 and interest payment for the preceding one − year period. On March 1, 2017, ____. The accounting period ends on December 31.