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: 1. Complete an amortization table for this installment note. 2. 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 21 Complete an amortization table for this installment note. (Round your intermediate calculations to the nearest dollar amount.) Period Ending Date Beginning Balance Debit Interest Expense Debit Notes Payable Credit Cash Ending Balance 12/31/2021 $ 400,000 $ 32,000 S 68,183 $ 100,183 $ 331,817 12/31/2022 331,817 26,545 73,638 100,183 258,179 12/31/2023 258,179 20.654 79,529 100,183 178,651 12/31/2024 178,651 14,292 85.891 100,183 92,760 12/31/2025 92,760 7.423 92,760 100,183 O Total $ 100,914 $ 400,001 $ 500,915 Reg Req2>