Problem 10-6A Installment notes LO C1 On November 1, 2017, Norwood borrows $200,000 cash from a bank by signing a five-year installment note bearing 8% interest. The note requires equal payments of $50,091 each year on October 31. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided.) 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, 2017 (the end of its annual reporting period). (b) The first annual payment on the note. Payments (A) (E) Credit + Ending Balance Period Ending Date Beginning Balance [Prior (E) Debit Interest Expense (A) Debit Notes = Payable L(D) - (B) Cash [computed] C T(A) (C) Part 2 GENERAL JOURNAL Account Titles and Explanation Date PR Debit credit