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 $2B$

Prepare journal entries to record accrued interest as of December $31,2020$ and the first annual payment on October $31,2021.$

$\backslash$table$[[,$No$,$Date,General Journal,Debit,Credit$],[0,1,$December $31,$Interest expense,$6,150,],[,,$Interest payable,,$6,150],[0,2,$October $31,$Notes payable,$68,507,],[,,$Interest payable,$36,900,],[,,$Cash,$4,105,407]]$