On January 1, 2021, 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 2021 through 2024. Prepare an amortization table for this installment note like the one in Exhibit 14.12.

Data from Exhibit 14.12

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Perlod Ending Date (1) 12/31/2021 (2) 12/31/2022 (3) 12/31/2023 Interest Principal (A) Beginning Balance $60,000 41,518 21,557 End of Year (B) Debit Interest 0 Expense 8% X (A) $4,800 3,321 1,725 $9,846 Decreasing Accrued Interest 2021 2022 $3,321 2023 $1,725 $4,800 $5,000 + Payments (C) Debit Notes Payable (D) - (B) $ 18,482 19,961 21,557 $60,000 Increasing Principal Component $18,482 $19,961 $21,557 $15,000 (D) Credit Cash (computed) $23,282 23,282 23,282 $69,846 Equal Cash Payments* $25,000 (E) Ending Balance (A) - (C) $41,518 21,557 0