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On November 1, 2015, Norwood borrows $510,000 cash from a bank by signing a five-year installment note bearing 9% interest. The note requires equal total payments each year on October 31. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided.)
Complete an amortization table for this installment note. (Round your intermediate calculations to the nearest dollar amount.)
Prepare the journal entries in which Norwood records the following:
(a) Accrued interest as of December 31, 2015 (the end of its annual reporting period).
(b) The first annual payment on the note.
Required:
1. Complete the below table to calculate the total amount of each installment payment.
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