Accounting for long term liabilities 6

On January 1,2021 , Norwood borrows $520,000 cash from a bank by signing a five-year installment note bearing 6% interest. The note requires equal payments of $123,445 each year on December 31. Required: 1. Complete an amortization table for this installment note. 2. Prepare the journal entries in which Norwood records the following: (a) Norwood borrows $520,000 cash by signing a five-year, 6% installment note. (b) Record the first installment payment on December 31, 2021. (c) Record the second installment payment on December 31, 2022. Complete this question by entering your answers in the tabs below. repare journal entries to record the note's issuance and each of the first two payments. Journal entry worksheet Norwood borrows $520,000 cash by signing a five-year, 6% installment note. Note: Enter debits before credits. Prepare journal entries to record the note's issuance and each of the first two payments. Journal entry worksheet Record the first installment payment on December 31, 2021. Note: Enter debits before credits. repare journal entries to record the note's issuance and each of the first two payments. Journal entry worksheet Record the second installment payment on December 31, 2022. Note: Enter debits before credits