MetaOn January $1,2021,$ Norwood borrows $$470,000$ cash from a bank by signing a five$-$year installment note bearing $6\%$ interest. The note requires equal payments of $$111,575$ each year on December $31.$

Required:

Complete an amortization table for this installment note.

Prepare the journal entries in which Norwood records the following:

$($a$)$ Norwood borrows $$470,000$ 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 $31,2022.$