Problem 10-5A (Algo) Installment notes LO C1 On November 1, 2020, Norwood borrows $580,000 cash from a bank by signing a five-year installment note bearing 5% interest. The note requires equal payments of $133,965 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 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 10/31/2021 480,000 10/31/2022 10/31/2023 10/31/2024 10/31/2025 Total Req 1 Req 2A and 2B Prepare journal entries to record accrued interest as of December 31, 2020 and the first annual payment on October 31, 2021. View transaction list Journal entry worksheet 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