On January 1, 2021, Norwood borrows $500,000 cash from a bank by signing a five-year installment note bearing 8% interest. The note requires equal payments of $125,229 each year on December 31. Required: Complete an amortization table for this installment note. Prepare the journal entries in which Norwood records the following: (a) Norwood borrows $500,000 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