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please help with c On July 1, 2020, Sunland Ltd. borrowed $16,000 by signing a two-year, 4% note payable. The note is payable in two
please help with c
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) Prepare an instalment payment schedule for the term of the note. (Round answers to the nearest whole dollar, eg. 5,255.) Prepare an instalment payment schedule for the term of the note. (Round answers to the nearest whole dollar, e.g. 5,255. ) 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.) 2021 June 30 Interest Expense 320 Interest Payable 320 Notes Payable 7843 Cash Dec. 31 Interest Expense 163 Interest Payable eTextbook and Media What amounts would Sunland report as current and non-current in the liabilities section of its statement of financial position on December 31, 2020? (Round answers to the nearest whole dollar, e.g. 5,255.)Step by Step Solution
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