On January 1, 2021, Norwood borrows $580,000 cash from a bank by signing a five-year instaliment note bearing 5% interest. The note requires equal payments of $133,965 each year on December 31 , Required: 1. Complete an amortization table for this instaliment note. 2. Prepare the journal entries in which Norwood records the following: (a) Norwood borrows $580,000 cash by signing a five-year, 5% instaliment note. (b) Record the first instaliment 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. Complete an amortization table for this instaliment note. (Round your intermediate calculations to the nearest dollar amount.) On January 1, 2021, Norwood borrows $580,000 cash from a bank by signing a five-year installinent note bearing 5% Inte note requires equal payments of $133,965 each year on December 31. Required: 1. Complete an amortization table for this installment note. 2. Prepare the joumal entries in which Norwood records the following: (a) Norwood borrows $580,000 cash by signing a five-year, 5% installment note. (b) Record the first instaliment 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. Prepare journal entries to record the note's issuance and each of the first two payments. Journal entry worksheet 3 Norwood borrows $580,000 cash by signing a five-year, 5% instaliment note. Note: Entor debits before credits. Benulred? Carrutete this questinh by encering you antwers in the take belea, Journal entry workshect Eomplete thils queistion try antering your anmene in the tate below reptie ioumal entriet to. record the note y iswance and cosh ef the ling fint pirpments: Dourmal entiy workesheet. 1. Reoord the secred intalmeot piynent on Deceester 31 . 2092