1 On January 1, 2021, Norwood borrows $550,000 cash from a bank by signing a five-year installment note bearing 8% interest. The note requires equal payments of $137,751 each year on December 31. 4 points Required: 1. Complete an amortization table for this installment note. 2. Prepare the journal entries in which Norwood records the following: (a) Norwood borrows $550,000 cash by signing a five-year, 8% installment note. (b) Record the first installment payment on December 31, 2021. (c) Record the second installment payment on December 31, 2022. eBook Print References Complete this question by entering your answers in the tabs below. Req 1 Req 2 View unistations Journal entry worksheet 2 3 > Norwood borrows $550,000 cash by signing a five-year, 8% installment note. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 Record entry Clear entry View general journal Req 1 Req 2 Prepare journal entries to record the note's issuance and each of the first two payments. View transaction list Journal entry worksheet ces Record the first installment payment on December 31, 2021. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2021 Interest expense Record entry Clear entry View general journal view transaction ist Journal entry worksheet Record the second installment payment on December 31, 2022. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2022 Interest expense Record entry Clear entry View general journal