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Need help fixing my problem On November 1, 2019, Norwood borrows $200,000 cash from a bank by signing a five-year installment note bearing 8% interest.

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On November 1, 2019, Norwood borrows $200,000 cash from a bank by signing a five-year installment note bearing 8% interest. The note requires equal payments of $50,091 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. Req 1 Req 2A and 2B Complete an amortization table for this installment note. (Round your intermediate calculations to the nearest dollar amount.) Period Ending Date Beginning Balance Debit Interest Expense + Debit Notes Payable = Credit Cash Ending Balance 10/31/2020 $ 165,909 129,091 10/31/2021 10/31/2022 200,000 165,909 129,091 89,327 46,382 89,827 16,000 13,273 10,327 7,146 3,709 50,455 34,091 36,818 39,764 42,945 46,382 $ 200,000 50,091 50,091 50,091 50,091 50,091 250,455 10/31/2023 46,382 10/31/2024 0 Total $ 1 2 > Record the interest accrued on the note as of December 31, 2019. Note: Enter debits before credits. Date General Journal Debit Credit 2,667 Dec 31, 2019 Interest expense Interest payable 2,667 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 Notes payable 34,091 Interest expense 16,000 50,091 Cash

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