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Check york mode : This shows what is correct or incorrect for the work you...

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Accounting

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Check york mode : This shows what is correct or incorrect for the work you have completed so for. It does not indicate compl Problem 14-5A (Algo) Installment notes LO C1 On January 1, 2021, Norwood borrows $500,000 cash from a bank by signing a five-year installment note bearing 8% interest. The note requires equal payments of $125,229 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 (a) Norwood borrows $500,000 cash by signing a five-year, 8% installment note (b) Record the first installment payment on December 31, 2021 (c) Record the second installment payment on December 31, 2022 Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Prepare journal entries to record the note's issuance and each of the first two payments.

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