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On January 1, 2021, 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 December 31, Required: 1. Complete an amortization table for this installment note. 2. Prepare the journal entries in which Norwood records the following: (a) Norwood borrows $540,000 cash by signing a five-year, 7% Installment note. (6) Record the first installment payment on December 31, 2021. (c) Record the second installment payment on December 31, 2022. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Complete an amortization table for this installment note. (Round your intermediate calculations to the nearest dollar amount.) Period Ending Date Debit Notes Payablo Credit Cash Ending Balance $ $ 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 Total Beginning Debit Interest Balance Expense $ 540,000 $ 37,000 446,099 31.227 345.625 24,194 238, 110 16,668 123,085 3,616 $ 118,605 93,901 100,474 107,607 115,033 123,085 540,000 131,701 131,701 131,701 131,701 131,701 658,605 440.000 345,625 238,113 123,085 S $ Rog 2 > Reg 1 Reg 2 Prepare journal entries to record the note's issuance and each of the first two payments. View transaction list Journal entry worksheet