On January 1, 2021, Norwood borrows $540,000 cash from a bank by signing a five-year Installment note bearing 7% interest. The note requires equal payments of $131,701 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 $540,000 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