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) Your answer is partially correct. 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 Balance 16500 8623 495 8250 8372 8623 251.16 8250 0.16 Record (1) the receipt of the $16,500 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, eg. 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 Credit 2020 2021