Problem 14-5A Installment notes LO C1 On November 1, 2019, Norwood borrows $490,000 cash from a bank by signing a five-year installment note bearing 7% interest. The note requires equal payments of $119,506 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. Complete this question by entering your answers in the tabs below. Req 1 Req 2A and 2B Req 1 Req 2A and 2B Complete an amortization table for this installment note. (Round your intermediate calculations to the nearest dollar amount.) Period Ending Date Beginning Balance Debit Interest Expense + Debit Notes Payable = Credit Cash Ending Balance 10/31/2020 10/31/2021 10/31/2022 10/31/2023 10/31/2024 Total Prepare journal entries to record accrued interest as of December 31, 2019 and the first annual payment on October 31, 2020. View transaction list Journal entry worksheet Record the interest accrued on the note as of December 31, 2019. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31, 2019 Record entry Clear entry View general journal Prepare journal entries to record accrued interest as of December 31, 2019 and the first annual payment on October 31, 2020. View transaction list Journal entry worksheet Record the first installment payment on October 31, 2020. Assume no reversing entries were prepared. Note: Enter debits before credits. General Journal General Jo Debit Credit Date Oct 31, 2020 Record entry Clear entry View general iournal