Problem 10-5A (Algo) Installment notes LO C1 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: 1. 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. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the note's issuance and the first annual installment payment. Journal entry worksheet Norwood borrows $510,000 cash by signing a five-year, 9% installment note. Note: Enter debits before credits