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On July 1, 2020, Sunland Ltd. borrowed $16,500 by signing a two-year, 3% note payable. The note is payable in two annual instalments of $8,623

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On July 1, 2020, Sunland Ltd. borrowed $16,500 by signing a two-year, 3% note payable. The note is payable in two annual instalments of $8,623 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, 28. 5.255.) Cash Payment Interest Expense Reduction of Principal Principal Balance 16500 $

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