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.) 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.) Interest Payable 2021 Interest Expense Interest Payable Interest Expense Interest Payable Notes Payable Cash Dec. 31 Interest Expense Interest Payable