On July 1, 2020, Vaughn Ltd. borrowed $14,500 by signing a two-year, 5% note payable. The note is payable in two annual instalments of $7,798 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.) Annu al Intere st Perio d Cash Payment Interest Expense Reduction of Principal Principal Balance July 1, 2020 $enter a dollar amount $enter a dollar $enter a dollar $enter a dollar enter a dollar amount amount amount amount June 30, 2021 June 30, 2022 enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount b) Record (1) the receipt of the 14500 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. 5,255.) Date Account Titles and Explanation Debit Credit