Problem 14-11A Installment notes L08

Problem 14-11A Installment notes LO8 On November 30, 2023, Calla Resources Ltd. borrowed $50,000 from a bank by signing a four-year installment note bearing interest at 6%. The terms of the note require equal payments each year on November 30, starting November 30, 2024. Use TABLE 14A.2 (Use approprlate foctor(s) from the tables provided.) Requlred: 1. Calculate the size of each installment payment. (Do not round lntermedlote calculatlons. Round the final answer to the nearest whole doller.) 2. Complete an installment note amortization schedule for this note. (Do not round Intermedlate calculatlons. Round the final onswers to the nearest whole doller. Enter oll the amounts os positive volues:) 3. Present the journal entries that Calla would make to record accrued interest as of December 31,2023 (the end of the annual reporting period), and the first payment on the note. (Do not round Intermedlate calculatlons. Round the final answers to the nearest whole doller.) Journal entry worksheet Record the accrued interest on the installment note payable. Note: Enter debits before credits. 4. Now assume that the note does not require equal payments but does require four payments that include accrued interest and an equal amount of principal in each payment. Complete an installment note amortization schedule for this note. Present the journal entries that Calla would make to record accrued interest as of December 31, 2023 (the end of the annual reporting period), and the first payment on the note. (Do not round Intermedlate calculatlons. Round the finol answers to the neorest whole doller. Enter all the omounts as positive volues.) Journal entry worksheet Record the accrued interest on the installment note payable, Note: Enter debits before credits