Question: On July 1 , 2 0 2 3 , Sunland Ltd . received a loan from its bank for $ 1 2 , 0 0

On July 1,2023, Sunland Ltd. received a loan from its bank for $12,000 bearing interest at 6%. The loan is payable in two annual instalments of $6,545 principal and interest on June 30 each year. The company records adjusting journal entries annually at year end on December 31.
(a)
Prepare an instalment payment schedule for the term of the loan. (Round answers to 0 decimal places, e.g.5,255.)
Cash Payment
Interest Expense
Reduction of Principal
Principal Balance
On July 1,2023, Sunland Ltd. received a loan from its bank

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