On January 1, 2021, Norwood borrows $490,000 cash from a bank by signing a five-year installment note bearing 7% interest The note requires equal payments of $119,506 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 $490,000 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. t Complete this question by entering your answers in the tabs below. C Reg 1 Reg 2 Complete an amortization table for this installment note. (Round your intermediate calculations to the nearest dollar amount.) mi Period Ending Dato Debit Notes Payable Credit Cash Beginning Debit interest Balance Expense 490,000 $ 34,300 Ending Balance bili 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 Total les bl. ( M Prey 1 of 1 3 Next Journal entry worksheet Norwood borrows $490,000 cash by signing a five-year, 7% installment note. Note: Enter debits before credits. Debit Credit Date General Journal January 01, 2021 Interest expense Interest payable 5,717 5,717 Record entry Clear entry View general journal