On July 1, 2020, Crane Ltd. borrowed $10,000 by signing a two-year, 4% note payable. The note is payable in two annual instalments of $5,302 on June 30. The company records adjusting journal entries annually at year end on December 31. (a) Your answer is correct Prepare an instalment payment schedule for the term of the note. (Round answers to the nearest whole dollar, e... 5,255.) Cash Payment Interest Expense Reduction of Principal Principal Bala Annual Interest Period July 1, 2020 June 30. 2021 June 30, 2022 5302 $ 400 4902 5302 204 5098 Your answer is correct Prepare an instalment payment schedule for the term of the note. (Round answers to the nearest whole dollar, eg. 5,255.) Cash Payment Interest Expense Reduction of Principal Principal Balance 10000 5302 400 4902 5098 5302 204 5098 Record (1) the receipt of the $10,000 cash and the issue of the note on July 1, 2020; (2) the accrual of interest on December 31. 2020: (3) the first payment on June 30, 2021; and (4) the accrual of interest on December 31, 2021. (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, List all debit entries before credit entries.) Date 2020 Account Titles and Explanation Debit Credit 2021 I Texthonk and Media