On July 1, 2017, Granville Ltd. borrowed $15,100 by signing a two-year, 4% note payable. The note is payable in two annual blended principal and interest instalments of $8,006 on June 30. Adjusting journal entries are recorded annually at year end on December 31. - Your answer is partially correct. 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 Principal Balance July 1, 2017 15100 June 30, 2018 8006 604 $ 7402 7686 June 30, 2019 8006 320 7686 e Textbook and Media List of Accounts Record (1) the issue of the note on July 1, 2017; (2) the accrual of interest on December 31, 2017; and (3) the first payment on June 30, 2018. (Round answers to the nearest whole dollar, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 2017 July 1 July 1 , Cash Cash 15100 Notes Payable 15100 Dec. 31 Interest Expense 604 Interest Payable 604 2018 June 30 Interest Payable 604 Interest Expense 604 Notes Payable 7402 Cash 8006 What amounts would be reported as current and non-current in the liabilities section of Granville's statement of financial position on December 31, 2018? (Round answers to the nearest whole dollar, e.g. 5,255.) GRANVILLE LTD. Statement of Financial Position (Partial) December 31, 2018 Current Liabilities Interest Payable 160 Notes Payable 7686 Total Current Liabilities 7846