On January 1, 2021, Norwood borrows $480,000 cash from a bank by signing a five-year installment note bearing 5% interest. The note requires equal payments of $110,867 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 $480,000 cash by signing a five-year, 5% installment note. (b) Record the first installment payment on December 31, 2021. (c) Record the second installment payment on December 31, 2022.