Problem 10-6A Installment notes LO C1

Problem 10-6A Installment notes LO C1 On November 1, 2017, Norwood borrows $550,000 cash from a bank by signing a five-year installment note bearing 8% interest. The note requires equal payments of $137,751 each year on October 31. (Table B.1, Table B.2, Table B.3, and Table B.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 note. Complete this question by entering your answers in the tabs below. Req 1 Req 2A and 2B Complete an amortization table for this installment note. (Round your intermediate calculations to the nearest dollar amount.) Period Ending Beginning Balance Debit Notes Payable Debit Interest Ending Balance = Credit Cash Expense Date 10/31/2018 10/31/2019 10/31/2020 10/31/2021 10/31/2022 Prepare the journal entries in which Norwood records for accrued interest as of December 31, 2017 (the end of its annual reporti period) and the first annual payment on the note. View transaction list Journal entry worksheet 2 1 Record the interest accrued on the note as of December 31, 2017. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31, 2017 Record entry Clear entry View general journal Prepare the journal entries in which Norwood records for accrued interest as of December 31, 2017 (the end of its annual reporti period) and the first annual payment on the note. View transaction list Journal entry worksheet 1 2 Record the first installment payment on October 31, 2018. Assume no reversing entries were prepared Note: Enter debits before credits. Date General Journal Debit Credit Oct 31, 2018 Clear entry View general journal Record entry