2.On November 1, 2019, Norwood borrows $430,000 cash from a bank by signing a five- year installment note bearing 5% interest. The note requires equal payments of $99,319 each year on October 31.

Required:

1. Complete an amortization table for this installment note.

2. Prepare the journal entries in which Norwood records the following:

(a)Accrued interest as of December 31,2019(the end of its annual reporting period).

(b) The first annual payment on the note.

2.On November 1, 2019, Norwood borrows $430,000 cash from a bank by signing a five- year installment note bearing 5% interest. The mote requires equal payments of $99,319 each year on October 31. Required: 1. Complete an amortization table for this installment note. 2. Prepare the journal entries in which Norwood records the following: (a) Accrued interest as of December 31, 2019 (the end of its annual reporting period). (b) The first annual payment on the note. Journal entry worksheet Journal entry worksheet Record the m ent payment on October 31, 2020. Amen