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Complete an amortization table for this installment note

    Assignment Instructions

    Assignment ID: FG133049192

    Question – On November 1, 2019, Norwood borrows $200,000 cash from a bank by signing a five-year installment note bearing 8% interest. The note requires equal payments of $50,091 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.

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