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

On November $1,2020,$ Norwood borrows $$560,000$ cash from a bank by signing a five$-$year installment note bearing $9\%$ interest. The

note requires equal payments of $$143,970$ 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.Req $1$

Req $2$A and $2B$

Complete an amortization table for this installment note.

Note: Round your intermediate calculations to the nearest dollar