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Complete an amortization table for this installment note

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Question - On January 1, 2021, Norwood borrows $470,000 cash from a bank by signing a five-year installment note bearing 6% interest. The note requires equal payments of $111,575 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 $470,000 cash by signing a five-year, 6% installment note.

(b) Record the first installment payment on December 31, 2021.

(c) Record the second installment payment on December 31, 2022.

Reference no: EM133174636

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