On July 1, 2020, Sunland Ltd. borrowed $16,000 by signing a two-year, 4% note payable. The note is payable in two annual instalments of $8,483 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.) Interest Expense Reduction of Principal Principal Balance $ 16,000 $ 640 $ 7843 8157 326 8157 o e Textbook and Media List of Accounts Record (1) the receipt of the $16,000 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 Account Titles and Explanation Debit 2020 2021