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On November 1, 2017, Norwood borrows $600,000 cash from a bank by signing a five-year installment note bearing 8% interest. The note requires equal payments

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On November 1, 2017, Norwood borrows $600,000 cash from a bank by signing a five-year installment note bearing 8% interest. The note requires equal payments of $150,274 each year on October 31. (Table BL Table B2 Table B3, and TableB 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

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