Norwood borrows 520000 cash from a bank by signing a five year installment note bearing 6% interest. The note requires equal total pavement each year on October 31.

Initial cash proceeds- 520000

PV factor- 4.2124

Amount of annual payment- 123445

(b) The first annual payment on the note. View transaction list Journal entry worksheet Record the first installment payment on October 31, 2016. Assume no reversing entries were prepared. Note: Enter debits before credits Date General Journal Debit Credit Oct 31, 2016 View general journal Clear entry Record entry