Problem $14-5$A $($Algo$)$ Installment notes LO C$1$

On January $1,2021,$ Norwood borrows $$540,000$ cash from a bank by signing a five$-$year installment note bearing $7\%$ interest. The note requires equal payments of $$131,701$ 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 $$540,000$ cash by signing a five$-$year, $7\%$ 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 $1$

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

Ret