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On January 1 , 2 0 2 1 , Norwood borrows $ 4 2 0 , 0 0 0 cash from a bank by signing
On January Norwood borrows $ cash from a bank by signing a fiveyear installment note bearing interest. The
note requires equal payments of $ each year on December
Requlred:
Complete an amortization table for this installment note.
Prepare the journal entries in which Norwood records the following:
a Norwood borrows $ cash by signing a fiveyear, installment note.
b Record the first Installment payment on December
c Record the second Installment payment on December
Complete this question by entering your answers in the tabs below.
Complete an amortization table for this installment note.
Note: Round your intermediate calculations to the nearest dollar amount.
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