Check my work On November 1, 2019, Norwood borrows $510,000 cash from a bank by signing a five-year installment note bearing 9% Interest. The note requires equal payments of $131,116 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. Complete this question by entering your answers in the tabs below. Reg 1 Req 2A and 28 Complete an amortization table for this installment note. (Round your intermediate calculations to the nearest dollar amount.) -Credit Cash Beginning Balance $ 510,000 424,784 Debit Interest Expense $ 45,900 Debit Notes Payable $ 85,216 Ending Balance $ 424,784 $ 131,116 Period Ending Date 10/31/2020 10/31/2021 10/31/2022 10/31/2023 10/31/2024 Total Req 2A and 28 > On November 1, 2019, Norwood borrows $510,000 cash from a bank by signing a five-year installment note bearing 9% Interest. The note requires equal payments of $131116 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. Complete this question by entering your answers in the tabs below. Reg 1 Req 2A and 28 Prepare journal entries to record accrued interest as of December 31, 2019 and the first annual payment on October 31, 2020.. View transaction list Journal entry worksheet Record the interest accrued on the note as of December 31, 2019. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2019 Req 1 Req 2A and 28 Prepare journal entries to record accrued Interest as of December 31, 2019 and the first annual payment on Octo View transaction list Journal entry worksheet Record the first installment payment on October 31, 2020. Assume no reversing entries were prepared. Note: Enter debits before credits Date General Journal Debit Credit Oct 31, 2020