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Bus285 On July 1, 2020, Sunland Led. borrowed $16,500 by signing a two-year, 3% note payable. The note is payable in two annual instalments of

Bus285

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On July 1, 2020, Sunland Led. borrowed $16,500 by signing a two-year, 3% note payable. The note is payable in two annual instalments of $8,623 on June 30. The company records adjusting journal entries annually at year end on December 31. (a) Prepare an instalment payment schedule for the term of the note. (Round answers to the nearest whole dollar, e.g. 5,255.) Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principa July 1 2020 June 30, 2021 S $ June 30. 2022

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