b Req $1$

Req $2$

Complete an amortization table for this installment note.

Note: Round your intermediate calculations to the nearest dollar amount. Prepare journal entries to record the note's issuance and each of the first two payments.

$1$ Norwood borrows $$580,000$ cash by signing a five$-$year,

$5\%$ installment note.

$2$ Record the first installment payment on December $31,$

$3$ Record the second installment payment on December $31,$

Credit

Note : $O$ journal entry has been enteredOn January $1,2021,$ Norwood borrows $$580,000$ cash from a bank by signing a five$-$year installment note bearing $5\%$ interest. The

note requires equal payments of $$133,965$ each year on December $31.$

Required:

Complete an amortization table for this installment note.

Prepare the journal entries in which Norwood records the following:

$($a$)$ Norwood borrows $$580,000$ 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 $31,2022.$