On January 1, 2017, Eagle 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 2017 through 2020. Prepare an amortization table for this installment note like the one in Exhibit 14.12.

Exhibit 14.12.

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Payments (A) (B) Debit (C) (D) (E) Credit Debit Interest Notes Period Ending Ending Payable (D) – (B) Cash Balance Beginning Expense 8% x (A) Date Balance (computed) (A) – (C) $60,000 $4,800 $ 18,482 $23,282 $41,518 (1) 12/31/2017 (2) 12/31/2018 41,518 3,321 19,961 23,282 21,557 1,725 23,282 (3) 12/31/2019 21,557 21,557 $9,846 $60,000 $69,846 Increasing Principal Component Decreasing Equal Total Accrued Principal |Interest Interest Payments $4,800 $18,482 2017 2018 $3,321 $19,961 2019 $1,725 $21,557 $20,000 $5,000 $10,000 Cash Payment Pattern $15,000 $25,000 End of Year