On July 1, 2020, Sheffield Ltd. borrowed $20,500 by signing a two-year, 5% note payable. The note is payable in two annual instalments of $11,025 on June 30. The company records adjusting journal entries annually at year end on December 31. (a) 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 Principa $ June 30, 2021 $ $ $ June 30, 2022 e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit