This window shows your responses and what was marked correct and incorrect from your previous attempt. Problem 10-5A Installment notes LO C1 On November 1, 2019, Norwood borrows $540,000 cash from a bank by signing a five-year installment note bearing 7% interest. The note requires equal payments of $131,701 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. Complete this question by entering your answers in the tabs below. Req 1 Reg 2A and 2B Complete an amortization table for this installment note. (Round your intermediate calculations to the nearest dollar amount.) Debit Period Ending Date Beginning Balance = Credit Cash Ending Balance 540,000 $ $ 10/31/2021 10/31/2022 10/31/2023 10/31/2024 Total + Debit Notes Payable $ 93,901 100,474 107,507 115,033 123,085 $ 540,000 Interest Expense $ 37,800 31,227 2 4,194 1 6,668 8 ,616 $ 118,505 345,625 238,118 123,085 131,701 131,701 131,701 131,701 131,701 658,505 446,099 345,625 238,118 123,085 $ On November 1, 2019, Norwood borrows $540,000 cash from a bank by signing a five-year installment note bearing interest. The note requires equal payments of $131,701 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. Complete this question by entering your answers in the tabs below. Reg 1 Req 2A and 2B Prepare journal entries to record accrued interest as of December 31, 2019 and the first annual payment on October 31, 2020. No General Journal Credit Date Dec 31, 2019 Debit 6,300 Interest expense Interest payable 6,300 2 Oct 31, 2020 Interest expense Interest payable Cash 31,374 6,300 Req1 Reg 2A and 20