Problem $10-5$A $($Algo$)$ Instaliment notes LO C$1$

On January $1,2021,$ Norwood borrows $$460,000$ cash from a bank by signing a five$-$year installment note bearing $9\%$ interest. Th note requires equal payments of $$118,261$ 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 $$460,000$ cash by signing a five$-$year, $9\%$ installment note.

$($b$)$ Record the first installment 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.

Req $1$

Req $2$

Complete an amortization table for this installment note. $($Round your intermediate calculations to the nearest dollar amount.$)$