On November 1, 2020, Norwood borrows $520,000 cash from a bank by signing a five-year installment note bearing 6% interest. The note requires equal payments of $123,445 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, 2020 (the end of its annual reporting period). (b) The first annual payment on the note. Complete this question by entering your answers in the tabs below. Reg 1 Red 2A and 20 Complete an amortization table for this installment note. (Round your intermediate calculations to the nearest dollar amount) Beginning Balance Debit interest Expense Debit Notes Payable Credit Cash Ending Balance Period Ending Date 10/31/2021 10/31/2022 10/31/2023 10/31/2024 10/31/2025 Total Journal entry worksheet 1 2 Record the interest accrued on the note as of December 31, 2020. Note: Enter debits before credits Date General Journal Debit Credit Dec 31, 2020 Record entry Clear entry View general journal Journal entry worksheet Record the first installment payment on October 31, 2021. Assume no reversing entries were prepared Note: Enter debits before credits. Date General Journal Debit Credit Oct 31, 2021 Record entry Clear entry View general journal