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

On November $1,2020,$ Norwood borrows $$460,000$ cash from a bank by signing a five$-$year installment note bearing $9\%$ interest. The note requires equal payments of $$118,261$ each year on October $31.$

Required:

Complete an amortization table for this installment note.

Prepare the journal entries in which Norwood records the following:

$($a$)$ Accrued interest as of December $31,2020($the end of its annual reporting period$).$

$($b$)$ The first annual payment on the note.

Complete this question by entering your answers in the tabs below.

Req $1$

Req $2$A and $2B$

Complete an amortization table for this installment note.

Note: Round your intermediate calculations to the nearest dollar amount.

$\backslash$table$[[$Period Ending Date,$\backslash$table$[[$Beginning$],[$Balance$]],\backslash$table$[[$Debit Interest$],[$Expense$]],\backslash$table$[[+$ Debit Notes$],[$Payable$]],=$ Credit Cash,Ending Balance$],[\frac{10}{31}\frac{?}{2021},460,000,41,400,76,861,118,261,],[\frac{10}{31}\frac{?}{2022},,,,118,261,],[\frac{10}{31}\frac{?}{2023},,,,118,261,],[\frac{10}{31}\frac{?}{2024},,,,118,261,],[\frac{10}{31}\frac{?}{2025},,,,,],[$Total$,,,,473,044,]]$