ces Problem 14-11A Installment notes LO8 On November 30, 2020, Calla Resources Ltd. borrowed $240,000 from a bank by signing a four-year installment note bearing interest at 10%. The terms of the note require equal payments each year on November 30, starting November 30, 2021. Use IABLE 15A2 (Use appropriate factor(s) from the tables provided.) Required: 1. Calculate the size of each installment payment. (Do not round intermediate calculations. Round the final answer to the nearest whole dollar.) Payment 2. Complete an installment note amortization schedule for this note. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar. Enter all the amounts as positive values.) Period Period Ending Beginning Balance Interest Expense Payments Debit Notes Payable Credit Cash Ending Balance Nov. 30/21 Nov 30/22 Nov 3023 Next 3. Present the journal entries that Calla would make to record accrued interest as of December 31, 2020 (the end of the annual reporting period), and the first payment on the note. (Do not round intermediate calculations, Round the final answers to the nearest whole dollar.) View transaction list Journal entry worksheet < 1 2 Record the accrued interest on the installment note payable. Note: Enter detits before credits. Date December 31, 2020 General Journal Debit Credit View general journal Record entry Clear entry 4. Now assume that the note does not require equal payments but does require four payments that include accrued interest and an equal amount of principal in each payment. Complete an installment note amortization schedule for this note. Present the journal entries that Calla would make to record accrued interest as of December 31, 2020 (the end of the annual reporting period), and the first payment on the note. (Do not round intermediate calculations, Round the final answers to the nearest whole doller. Enter all the amounts as positive values.) Period Ending Beginning Balance Period Interest Expense Payments Debit Notes Payable Credit Cash Ending Balance Nov 30/21 Nov 30/22 Nov 3023 Nov 30/24 Totals ES View transaction list 0 $ 05 05 0 Journal entry worksheet < 2 View transaction list Journal entry worksheet < 1 2 Record the accrued interest on the installment note payable. Note: Enter debits before credits Date December 31, 2020 General Journal Debit Credit View general journal Record entry Clear entry