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On January 1, 2021, Norwood borrows $530,000 cash from a bank by signing a five-year installment note bearing 5% interest. The note requires equal payments of $122,416 each year on December 31 Required: 1. Complete an amortization table for this installment note. 2. Prepare the joumal entries in which Norwood records the following. (a) Norwood borrows $530,000 cash by signing a five-year, 5% Installment note. (b) Record the first installment payment on December 31, 2021. (c) Record the second installment payment on December 31, 2022 Q Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Complete an amortization table for this installment note. Note: Round your intermediate calculations to the nearest dollar amount. On January 1. 2021, Norwood borrows $530,000 cash from a bank by signing a five-year installment note bearing 5% interest. The note requires equal payments of $122,416 each year on December 31 . Required: 1. Complete an amortization table for this instaliment note. 2. Prepare the journal entrles in which Norwood records the following: (a) Norwood borrows $530,000 cash by signing a five-year, 5% installment note (b) Record the first instaliment payment on December 31, 2021. (c) Record the second installment payment on December 31, 2022. Prepare jourhal entries to record the note's issuance and each of the first two payments