On November 30, 2020, Calla Resources Ltd. borrowed $250,000 from a bank by signing a four-year installment note bearing interest at 6%. The terms of the note require equal payments each year on November 30, starting November 30, 2021. Use TABLE 14A.2 (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.)

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.)

3. 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.)

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.)