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On November 1, 2017. Norwood borrows $530,000 cash from a bank by signing a five-year installment note bearing 5% interest. The note requires equal payments

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On November 1, 2017. Norwood borrows $530,000 cash from a bank by signing a five-year installment note bearing 5% interest. The note requires equal payments of $122.416 each year on October 31 Table B.1. Table B2 Table 8.3. and Table 8.4 (Use appropriate factor(s) 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: (a) Accrued interest as of December 31, 2017 (the end of its annual reporting period). (b) The first annual payment on the note. look Complete this question by entering your answers in the tabs below. Req 1 Reg 2A and 28 ferences Complete an amortization table for this installment note. (Round your intermediate calculations to the nearest dollar amount.) Period Ending Date Debit interest Beginning Balance Debit Notes Payable Credit Cash Ending Balance Expense 10/31/2018 10/31/2019 10/31/2020 10/31/2021 10/31/2022 Total Reg 2A and 28 ) Journal entry worksheet

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