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Problem $10-5$A $($Algo$)$ Installment notes LO C$1$

On November $1,2020,$ Norwood borrows $$400,000$ cash from a bank by signing a five$-$year installment note bearing $8\%$ interest. The note requires equal payments of $$100,183$ each year on October $31.$

Required:

Complete an amortization table for this installment note.

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.

Req $2$A and $2B$

Complete an amortization table for this installment note.

Note: Round your intermediate calculations to the nearest dollar amount.

$\backslash$table$[[$Period Ending Date,$\backslash$table$[[$Beginning$],[$Balance$]],\backslash$table$[[$Debit Interest$],[$Expense$]],\backslash$table$[[+$ Debit Notes$],[$Payable$]],=$ Credit Cash,Ending Balance$],[\frac{10}{31}\frac{?}{2021},,,,,],[\frac{10}{31}\frac{?}{2022},,,,,],[\frac{10}{31}\frac{?}{2023},,,,,],[\frac{10}{31}\frac{?}{2024},,,,,],[\frac{10}{31}\frac{?}{2025},,,,,],[$Total$,,,,,]]$