On January 1, 2026, Norwood borrows $450,000 cash from a bank by signing a five-year installment note bearing 8% interest. The note requires equal payments of $112,706 each year on December 31.
Complete an amortization table for this installment note.
Period Ending Date: 12/31/2026, 12/31/2027, 12/31/2028, 12/31/2029, 12/31/2030
Beginning Balance
Debit Interest Expense
Debit Notes Payable
Credit Cash
Ending Balance