Problem 14-5A (Algo) Installment notes LO C1 On January 1, 2021, Norwood borrows $560,000 cash from a bank by signing a five-year installment note bearing 9% Interest The note requires equal payments of $143,970 each year on December 31 Required: 1. Complete an amortization table for this installment note. 2. Prepare the journal entries in which Norwood records the following: (6) Norwood borrows $560,000 cash by signing a five-year, 9% 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. Reg 1 Reg 2 Complete an amortization table for this installment note. (Round your intermediate calculations to the nearest dollar amount.) Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Complete an amortization table for this installment note. (Round your intermediate calculations to the nearest dollar amount.) os Beginning Balance Debit interest Expense Debit Notes Payable Credit Cash Ending Balance Period Ending Date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 Total Reg 2 > Journal entry worksheet K 2 3 1 Norwood borrows $560,000 cash by signing a five-year, 9% installment note. Note: Enter debits before credits General Journal Debit Credit Date January 01, 2021 Record entry Clementy View general joumal X 1 Norwood borrows $560,000 cash by signing a five-year, 9% installment note. 2. Record the first installment payment on December 31, 2021 3 Record the second installment payment on December 31, 2022