On November 30, 2020, Calla Resources Ltd. borrowed $60,000 from a bank by signing a four-year installment note bearing interest at 10%. 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.)

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.) View transaction list View journal entry worksheet X Debit Credit 500 500 1 Record the accrued interest on the installment note payable. 2 Record the first payment made on installment note. 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 Period Ending Beginning Balance Debit Notes Payable Credit Cash Ending Balance $ $ Period Interest Expense $ 6,000 4,500 3,000 $ Nov. 30/21 Nov. 30/22 $ 60,000 45,000 30,000 15,000 15,000 15,000 15,000 15,000 60,000 Nov. 30/23 21,000 19,500 18,000 16,500 75,000 45,000 30,000 15,000 Nov. 30/24 0 1,500 15,000 Totals $ $ $ View transaction list View journal entry worksheet X Debit Credit 500 500 1 Record the accrued interest on the installment note payable. 2 Record the first payment made on installment note. 15,000 21,000