On January $1,2021,$ 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 December $31.$

Required:

Complete an amortization table for this installment note.

Prepare the journal entries in which Norwood records the following:

$($a$)$ Norwood borrows $$200,000$ cash by signing a five$-$year, $8\%$ installment note.

$($b$)$ Record the first installment payment on December $31,2021.$

$($c$)$ Record the second installment payment on December $31,2022.$

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.

$\backslash$table$[[\backslash$table$[[$Period Ending$],[$Date$]],\backslash$table$[[$Beginning$],[$Balance$]],\backslash$table$[[$Debit Interest$],[$Expense$]],+,$Debit Notes Payable,$=,$Credit Cash,Ending Balance$],[\frac{12}{31}\frac{?}{2021},,,,,,,],[\frac{12}{31}\frac{?}{2022},,,,,,,],[\frac{12}{31}\frac{?}{2023},,,,,,,x$