Question: Problem 10-5A Installment notes LO C1 On November 1, 2019, Norwood borrows $540,000 cash from a bank by signing a five-year installment note bearing 7%

Problem 10-5A Installment notes LO C1

On November 1, 2019, 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 October 31. Required: 1. Complete an amortization table for this installment note. 2. Prepare the journal entries in which Norwood records the following: (a) Accrued interest as of December 31, 2019 (the end of its annual reporting period). (b) The first annual payment on the note.

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