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

On January $1,2021,$ Norwood borrows $$510,000$ cash from a bank by signing a five$-$year installment note bearing $9\%$ interest. The note requires equal payments of $$131,116$ each year on December $31.$

Required:

Complete an amortization table for this installment note.

$2$ Prepare the journal entries in which Norwood records the following:

$($a$)$ Norwood borrows $$510,000$ 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.

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

$\backslash$table$[[\backslash$table$[[$Period Ending$],[$Date$]],\backslash$table$[[$Beginning$],[$Balance$]],\backslash$table$[[$Dehit Interest$],[$Expense$]],\backslash$table$[[$Debit Notes$],[$Payable$]],=,$Credit Cash,Ending Balance$],[\frac{12}{31}\frac{?}{2021},,,,,,],[\frac{1231}{2022},,,,,,],[\frac{12}{31}\frac{?}{2023},,,,,,],[\frac{12}{31}\frac{?}{2024},,,,,,],[\frac{12}{31}\frac{?}{2025},,,,,,],[$Total$,,,,,,]]$