On January 1, 2021, Norwood borrows $440,000 cash from a bank by signing a five-year installment note bearing 7% interest. The note requires equal payments of $107,312 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 $440,000 cash by signing a five-year, 7% 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. Reg 1 Reg 2 Complete an amortization table for this installment note. (Round your intermediate calculations to the nearest dotlar amount.) Period Ending Beginning Debit interest Debit Notes Date Balance Expenso Payable Credit Cash Ending Balance 12/31/2021 363.4885 25.444 $ 81.868 $ 107.312 s 281,620 12/31/2022 281,620 19.713 87.599 107.312 194021 12/31/2023 194,021 13.581 93.731 1073121 100 290 12/31/2024 100.290 7,022 100 290 107,312 0 12/31/2025 0 Total 65.760 $ 363,488 $ 429.248 $ RA Reg 2 > Req 1 Req 2 Prepare journal entries to record the note's issuance and each of the first two payments. View transaction list Journal entry worksheet