Question: Is this right? (Note that I can not edit any of the cells for the period ending on 12/31/2025). On January 1, 2021. Norwood borrows

Is this right? (Note that I can not edit any of the cells for the period ending on 12/31/2025).

Is this right? (Note that I can not edit any of the

cells for the period ending on 12/31/2025). On January 1, 2021. Norwood

On January 1, 2021. Norwood borrows $530,000 cash from a bank by signing a five-year installiment note bearing 5% interest. The note requires equal payments of $122.416 each year on December 31 . Requlred: 1. Complete an amortization table for this installment note. 2. Prepare the journal entries in which Norwood records the following: (a) Norwood borrows $530,000 cash by signing a five-year, 5% installment note (b) Record the first instaliment 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. 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

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