Problem 10-5A Installment notes LO C1 On November 1, 2019, Norwood borrows $480,000 cash from a bank by signing a five-year installment note bearing 5% interest. The note requires equal payments of $110,867 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. Problem 10-5A Installment notes LO C1 On November 1, 2019, Norwood borrows $480,000 cash from a bank by signing a five-year installment note bearing 5% interest. The note requires equal payments of $110,867 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