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) 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 Balan $ Annual Interest Period July 1, 2020 June 30, 2021 June 30, 2022 $ $ $ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit