On January 1, 2021. Norwood borrows $530,000 cash from a bank by signing a five year installment note bearing 5% interest The note requires equal payments of $122.416 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 $530,000 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 Complete this question by entering your answers in the tabs below. Reg 1 Req2 Complete an amortization table for this installment note. (Round your intermediate calculation to the nearest dollar amount) Period Ending Date Beginning Balance Debit interest Expense Debilt Notes Payable Credit Cash Ending Balance 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 Total Journal entry worksheet 1 2 3 Norwood borrows $530,000 cash by signing a live-year, 5% installment note. Note: Enter debits before credits General Journal Date January 01, 2021 Debit Credit Record the first installment payment on December 31, 2021 Note: Enter debits before credits General Journal Date December 31 2021 Debit Credit Record the second installment payment on December 31, 2022 Note: Enter debits before credits General Journal Date December 31 2022 Debit Credit