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On November 1, 2017, Norwood borrows $510,000 cash from a bank by signing a five-year installment note bearing 9% interest. The note requires equal payments

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On November 1, 2017, Norwood borrows $510,000 cash from a bank by signing a five-year installment note bearing 9% interest. The note requires equal payments of $131316 each year on October 31. Cable 31. Table 8.2. Table B.3, and Table 8.4) (Use appropriate factors) from the tables provided.) Required: 1. Complete an amortization table for this installment note 2. Prepare the journal entries in which Norwood records the following (6) Accrued interest as of December 31, 2017 (the end of its annual reporting period). (b) The first annual payment on the note. Period Ending Date Beginning Balance Debit Interest Expense + Debit Notes Payable - Credit Cash Ending Balance 10/31/2018 10/31/2019 10/31/2020 10/31/2021 10/31/2022 Total

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