On July 1, 2020 Kirkwood borrows $480,000 from the bank by signing a five year installment note that bears 5% interest. Kirkwood will have to make five equal payments of $110,867 every year on June 30th which includes the principal and interest due on the loan Required: 1. Complete an amortization table for this installment note 2. Prepare the journal entries for Kirkwood on December 31, 2020 for the accrued interest on the loan and for the first annual payment due on June 30, 2021 Period Ending Date Beg Balance Notes Payable Debit Interest Expense +Debit Notes Payable Credit Cash Ending Balance Record Journal Entry to record the accrued interest as of December 31, 2020: Date GENERAL JOURNAL Account Titles and Explanation Debit Credit Record the first annual payment on June 30, 2021: Date GENERAL JOURNAL Account Titles and Explanation Debit Credit