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Rett On January 1, 2021, Norwood borrows $590,000 cash from a bank by signing a five-year installment note bearing 7% interest. The note requires equal payments of $143,895 each year on December 31. Required: 1. Comitean arization table for the installment nete 2. Prepare the journal entries in which Norwood records the following: (a) Norwood borrows $590,000 cash by signing a five-year, 7% installment note. (b) Record the first installment payment on December 31, 2021. (c) Record the second installment payment on December 31, 2022. Answer is not complete. Complete this question by entering your answers in the tabs below. Credit No 1 Date General Journal January 01, 2021 Bond interest expense Bonds payable Debit 590,000 590,000 2 6,883 December 31, 202 Interest expense Interest payable 3 December 31, 202 Interest expense Interest payable Notes payable Cash