On January 1, 2020, Eagle Company borrows $100,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $29,523, consisting of accrued interest and principal on December 31 of each year from 2020 through 2023. Prepare an amortization table for this installment note like the one in Exhibit 10.12.

Exhibit 10.12.

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Payments (A) (B) (C) (D) (E) Deblt Debit Credit Interest Notes Ending Beginning Expense Balance Payable %3D Cash Balance Perlod Ending Date 8% x (A) (D) - (B) (computed) (A) – (C) (1) 12/31/2020 $60,000 $4,800 $ 18,482 $23,282 $41,518 (2) 12/31/2021 41,518 3,321 19,961 23,282 21,557 (3) 12/31/2022 21,557 1,725 21,557 23,282 $9,846 $60,000 $69,846 Decreasing Accrued Interest Increasing Principal Component Equal Cash Payments Interest Principal 2020 $4,800 $18,482 2021 $3,321 $19,961 2022 $1,725 $21,557 $5,000 $15,000 $25,000 End of Year