Question 53 On July 1, 2017, Granville Ltd. borrowed $16,500 by signing a two-year, 4% note payable. The note is payable in two annual blended principal and interest instalments $8,748 on June 30. Adjusting journal entries are recorded annually at year end on December 31. Prepare an instalment payment schedule for the term of the note. (Round answers to the nearest whole dollar, e.g. 5,255.) Annual Interest Period Cash Payment Reduction of Principal Expense Principal Balance July 1, 2017 June 30, 2018 June 30, 2019 Record (1) the issue of the note on July 1, 2017 (2) the accrual of interest on December 31, 2017; and (3) the first payment on June 30, 2018. (Round answers to the nearest whole dollar, g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Tities and Explanation 2017 2018 June 30 June 30, 2019 Record (1) the issue of the note on July 1, 2017; (2) the accrual of interest on December 31, 2017; and (3) the first payment on June 30, 2018. (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.) Account Titles and Explanation Debit Credit Date 2017 2018 June 30