On November 1, 2019, Norwood borrows $200,000 cash from a bank by signing a five-year installment note bearing 8% interest. The note requires equal payments of $50,091 each year on October 31. 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, 2019 (the end of its annual reporting period). (b) The first annual payment on the note. Reg 1 Req 2A and 2B Complete an amortization table for this installment note. (Round your intermediate calculations to the nearest dollar amount.) Period Ending Date Beginning Balance Debit Interest Expense + Debit Notes Payable = Credit Cash Ending Balance 10/31/2020 10/31/2021 10/31/2022 10/31/2023 10/31/2024 Total Prepare journal entries to record accrued interest as of December 31, 2019 and the first annual payment on October 31, 2020. 1 2 Record the interest accrued on the note as of December 31, 2019. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2019 Record the first installment payment on October 31, 2020. Assume no reversing entries were prepared. Note: Enter debits before credits. Date General Journal Debit Credit Oct 31, 2020