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On January 1, 2021, Norwood horrows $200,000 cash from a bank by signing a five-year installment note Problem 14-5A bearing 8% interest. The note requires

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On January 1, 2021, Norwood horrows $200,000 cash from a bank by signing a five-year installment note Problem 14-5A bearing 8% interest. The note requires equal payments of $50,091 each year on December 31 Installment notes Required C1 1. Complete an amortization table for this installment note similar to the one in Exhibit 14.12. 2. Prepare journal entries to record the note's issuance and each of the first two payments

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