On January $1,2021,$ Norwood borrows $$400,000$ cash from a bank by signing a five$-$year installment note bearing $8\%$ interest. The note requires equal payments of $$100,183$ 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 $$400,000$ 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.

Req $1$

Req $2$

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$]],+,\backslash$table$[[$Debit Notes$],[$Payable$]]],[\frac{12}{31}\frac{?}{2021},,,,],[\frac{12}{31}\frac{?}{2022},,,,],[\frac{12}{31}\frac{?}{2023},,,,],[\frac{12}{31}\frac{?}{2024},,,,]]$