On January 1, 2021, Cullumber Corp. borrows $20,000 by signing a 3-year, 7% note payable. The note is repayable in three annual blended payments of $7,621 on December 31 of each year.

1.Prepare installment payment schedule for the note. (12 marks)

2.What amounts would be reported as current and non-current in the liabilities section of the balance sheet at December 31, 2021? (2 marks).

Question 2 (14 marks) On January 1, 2021, WCorp. borrows $20,000 by signing a 3-year, T% note payable. The note is repayable in three annual blended payments of $7,621 on December 31 of each year. 1. Prepare an installment payment schedule for the note. (12 marks) 2. What amounts would be reported as current and non-current in the liabilities section of the balance sheet at December 31 , 2021? (2 marks)