25 Problem 10-5A (Algo) Installment notes LO C1 On November 1, 2020, Norwood borrows $440,000 cash from a bank by signing a five-year installment note bearing 7% interest. The note requires equal payments of $107,312 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, 2020 (the end of its annual reporting period). (b) The first annual payment on the note. ok ences Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A and 28 Complete an amortization table for this installment note. (Round your intermediate calculations to the nearest dollar amount.) Period Ending Date Beginning Balance Debit interest Expense + Debit Notes Payable Credit Cash Ending Balance 10/31/2021 10/31/2022 10/31/2023 10/31/2024 10/31/2025 Total Re Reg 2A and 28 > Reg 1 Reg 2A and 2B Prepare journal entries to record accrued interest as of December 31, 2020 and the first annual payment on Octo View transaction list Journal entry worksheet Record the interest accrued on the note as of December 31, 2020. Note: Enter debits before credits. General Journal Date Dec 31, 2020 Debit Credit Record entry Clear entry View general journal