On November 30, 2020, Calla Resources Ltd. borrowed $160,000 from a bank by signing a four year installment note bearing interest at 12%. The terms of the note require equal payments each year on November 30, starting November 30, 2021. Use TABLE 14A2 (Use appropriate factor(s) from the tables provided.) Required: 1. Calculate the size of each installment payment. (Do not round intermediate calculations. Round the final answer to the nearest whole dollar.) Payment $ 40,000 2. Complete an installment note amortization schedule for this note. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar. Enter all the amounts as positive values.) Period Ending Nov. 30/21 Nov. 30/22 Nov. 30/23 Nov. 30/24 Totals Payments Period Beginning Debit Interest Balance Expense Notes Payable S 160.000 s 19 2007 $ 40,000 $ 120,000 14.400 40,000 80 000 9,600 40.000 40.000 4,800 40.000 S 48,000 $ 160 000 $ Credit Ending Cash Balance 59 2001 $ 120,000 54 400 80,000 49,600 40.000 44.800 0 208,000 4. Now assume that the note does not require equal payments but does require four payments that include accrued interest and an equal amount of principal in each payment. Complete an installment note amortization schedule for this note. Present the journal entries that Calla would make to record accrued interest as of December 31, 2020 (the end of the annual reporting period), and the first payment on the note. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar. Enter all the amounts as positive values.) Payments Beginning Balance Period Interest Expense Debit Notes Payable Credit Cash Ending Balance $ 160,000 Period Ending Nov 30/21 Nov 30/22 Nov. 30/23 Nov 30/24 Totals 0 $ 0 S Os 0 Problems View transaction list Journal entry worksheet