Problem 10-5A (Algo) Installment notes LO C1 On November 1, 2020, Norwood borrows $480,000 cash...
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Problem 10-5A (Algo) Installment notes LO C1 On November 1, 2020, Norwood borrows $480,000 cash from a bank by signing a five-year installment note bearing 5% interest. The note requires equal payments of $110,867 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. Complete this question by entering your answers in the tabs below. Complete an amortization table for this installment note. Note: Round your intermediate calculations to the nearest dollar amount
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