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Accounting

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On November 1,2020, Norwood borrows $430,000 cash from a bank by signing a five-year installment note bearing 5% interest. The note requires equal payments of $99,319 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, 2020 (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. Prepare journal entries to record accrued interest as of December 31, 2020 and the first annual payment on October 31, 2021. Journal entry worksheet Record the interest accrued on the note as of December 31, 2020. Note: Enter debits before credits. Journal entry worksheet Record the first installment payment on October 31, 2021. Assume no reversing entries were prepared. Note: Enter debits before credits

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