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On November 1, 2013, Norwood borrows $430,000 cash from a bank by signing a five-year installment note bearing 5% interest. The note requires equal total
On November 1, 2013, Norwood borrows $430,000 cash from a bank by signing a five-year installment note bearing 5% interest. The note requires equal total payments each year on October 31. (Table B.1, Table B.2. Table B.3, and Table B.4) Required: 1. Complete the below table to calculate the total amount of each installment payment. Initial Cash Proceeds PV Factor Amount of annual payment 2. Complete an amortization table for this installment note. (Round your intermediate calculations tc the nearest dollar amount.) 3. Prepare the journal entries in which Norwood records the following: (a) Accrued interest as of December 31. 2013 (the end of its annual reporting period). (b)The first annual payment on the
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