on july $1,2020,$ sunland ltd$.$ borrowed $$16000$ by signing a two$-$year, $4\%$ note payable. this note is payable in two annual instalments of $$8483$ on June $30.$ The company records adjusting journal entries annually at year end on December $31.$

Record the receipt of the $$16000$ cash and issue of the note on July $1,2020$; the accrual of interest on December $31,2020$; the payment first payment on June $30,2021$; and the accrual of interest on December $31,2021.$