On November $1,2020,$ Norwood borrows $$410,000$ cash from a bank by signing a five$-$year installment note bearing $9\%$ interest. The note requires equal payments of $$105,407$ each year on October $31.$

Required:

Complete an amortization table for this installment note.

Prepare the journal entries in which Norwood records the following:

$($a$)$ Accrued interest as of December $31,2020($the end of its annual reporting period$).$

$($b$)$ The first annual payment on the note.

Complete this question by entering your answers in the tabs below.

Req $1$

Req $2$A and $2B$

Complete an amortization table for this installment note.

Note: Round your intermediate calculations to the nearest dollar amount.

$\backslash$table$[[$Period Ending Date,,$\backslash$table$[[$aning$],[$ance$]],\backslash$table$[[$Debit Interest$],[$Expense$]],$Payable,$=$ Credit Cash,Ending Balance$],[\frac{10}{31}\frac{?}{2021},$$$,410,000,,,,341,493],[\frac{10}{31}\frac{?}{2022},,341,493,,,,],[\frac{10}{31}\frac{?}{2023},,,,,,],[10/31/2024,,,,,,],[\frac{10}{31}\frac{?}{2025},,,,,,],[$Total$,,1,,,,]]$