On July 1 , 2 0 2 3 , Sunland Ltd . received a loan from its bank for $ 1 2 , 0 0

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On July $1,2023,$ Sunland Ltd$.$ received a loan from its bank for $$12,000$ bearing interest at $6\%.$ The loan is payable in two annual instalments of $$6,545$ principal and interest on June $30$ each year. The company records adjusting journal entries annually at year end on December $31.$

$($a$)$

Prepare an instalment payment schedule for the term of the loan. $($Round answers to $0$ decimal places, e$.$g$.5,255.)$

Cash Payment

Interest Expense

Reduction of Principal

Principal Balance