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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

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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: 1. Complete an amorvzation table for this installment note 2. Prepare the joumal 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 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Complote an amortization table for this instaliment note. (Round your intermedtate calculations to the neareat dollar amounti)

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