On July 1, 2020, Concord Ltd. borrowed $19,500 by signing a two-year, 6% note payable. The note is payable in two annual instalments of $10,636 on June 30. The company records adjusting journal entries 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 5255) Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal July 1, 2020 June 30, 9466 1170 10636 2021 June 30. 10636 2022 %24