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as soon as possible. thanks Question 4 (12 marks, suggested time 10 to...

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as soon as possible. thanks

Question 4 (12 marks, suggested time 10 to 15 minutes) On July 1, 2020, Calcium Inc. borrowed $16,000 by signing a two-year, 5% note payable. The note is payable in two annual instalments of $8,605 on June 30. The company records adjusting journal entries annually at year end on December 31 . Instructions (a) Prepare an instalment payment schedule for the term of the note using the format below: 4 \begin{tabular}{|l|l|l|l|l|} \hline Interest Period & Cash Payment & Interest Expense & Reduction of Principal & Principal \\ \hline & & & & \\ \hline \end{tabular} (b) 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 ; and (3) the first payment on June 30, 2021. (c) What are the current and non-current portions of the loan at the end of period December 31,2020

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