On July 1, 2020, Marigold Ltd. borrowed $18,000 by signing a two-year, 5% note payable. The note is payable in two annual instalments of $9,680 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.g. 5,255.) Annual Interest Period July 1, 2020 Cash Payment Interest Expense Reduction of Principal Principal $ $ $ 9,680 $ $ 900 $ 8780 June 30, 2021 June 30, 2022 9,680 461 9220 Principal Balance $ 18,000 9220 i Record (1) the receipt of the $18,000 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.) Account Titles and Explanation Debit Date 2020 Credit July 1 Cash 18,000 Notes Payable 18,000 Dec. 31 Interest Expense 450 Interest Payable 450 2021 June 30 Interest Expense 450 Interest Payable 450 Notes Payable 8780 Cash 9,680 Dec. 31 Interest Expense 231 Interest Payable 231 What amounts would Marigold report as current and non-current in the liabilities section of its statement of financial position on December 31, 2020? (Round answers to the nearest whole dollar, e.g. 5,255.) MarigoldLtd. Statement of Financial Position (Partial) December 31, 2020 Current Liabilities Interest Payable $ $ 230 Notes Payable 230 Non-Current Liabilities