On November 1, 2019, Norwood borrows $410,000 cash from a bank by signing a five-year installment note bearing 9%
interest. The note requires equal payments of $105,407 each year on October 31.
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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