On January 1,2021, Norwood borrows $550,000 cash from a bank by signing a five-year installment note bearing 8% interest. The note requires equal payments of $137,751 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 $550,000 cash by signing a five-year, 8% installment note. (b) Record the first installment payment on December 31, 2021. (c) Record the second instaliment payment on December 31, 2022. Complete an amortization table for this installment note. Note: Round your intermediate calculations to the nearest dollar amount. 1 Norwood borrows $550,000 cash by signing a five-year, 8% installment note. 2 Record the first installment payment on December 31, 2021. 3 Record the second installment payment on December 31, 2022