On January 1, 2021, Norwood borrows $420,000 cash from a bank by signing a five-year installment...

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On January 1, 2021, Norwood borrows $420,000 cash from a bank by signing a five-year installment note bearing 6% Interest. The note requires equal payments of $99,706 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 $420,000 cash by signing a five-year, 6% Installment note. (b) Record the first Installment payment on December 31, 2021. (c) Record the second Installment payment on December 31, 2022. On January 1, 2021, Norwood borrows $420,000 cash from a bank by signing a five-year installment note bearing 6% Interest. The note requires equal payments of $99,706 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 $420,000 cash by signing a five-year, 6% Installment note. (b) Record the first Installment payment on December 31, 2021. (c) Record the second Installment payment on December 31, 2022.