Assume that on January 1 of Year 1, Tesla, Inc., decided to start a fund to build an addition to its plant. Tesla will deposit $320,000 in the fund at each year-end, starting on December 31 of Year 1. The fund will earn 9 percent annual interest, which will be added to the balance at each year-end. The accounting period ends December 31 of each year.

Required:
Complete the following fund accumulation schedule:

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Date Dec. 31, Year 1 Dec. 31, Year 2 Dec. 31, Year 3 Total Cash Payment Interest Earned Fund Increase Fund Balance