8 Problem 10-6A Installment notes LO C1 On November 1, 2017, Norwood borrows $450,000 cash from a bank by signing a five-year installment note bearing 8% interest. The note requires equal payments of $112,706 each year on October 31. Table B1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided.) points Required: 1. Complete an amortization table for this installment note 2. Prepare the journal entries in which Norwood records the following: (a) Accrued interest as of December 31, 2017 (the end of its annual reporting period). (b) The first annual payment on the note Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below Req 1 Req 2A and 2B Complete an amortization table for this installment note. (Round your intermediate calculations to the nearest dollar amount.) Beginning Balance ebit Interest + Debit Notes Payable Ending Balance - Credit Ending Cash Date 10/31/2018 10/31/2019 10/31/2020 10/31/2021 10/31/2022 Total 450,000.$ 36,000.$ 486,000*$ 112,706$ 373,294 373,294 29,864403,158112,706290,452 290,45223,236313,688 1200,98 200,982 16,079 104,354 6,09217,060 8,352 20104,354 112,706 104,354 $ 113,531 $ 1,524,260 563,530