Exercise $10-2$A $($Algo$)$ Amortization schedule for an installment note LO $10-1$

On January $1,$ Year $1,$ Beatie Company borrowed $$320,000$ cash from Central Bank by issuing a five$-$year, $5$ percent note. The principal and interest are to be paid by making annual payments in the amount of $$73,912.$ Payments are to be made December $31$ of each year, beginning December $31,$ Year $1.$

Required

Prepare an amortization schedule for the interest and principal payments for the five$-$year period.

Note: Round your answers to the nearest dollar amount.

$\backslash$table$[[$BEATIE COMPANY$],[$Amortization Schedule$],[$$$320,000,5-$Year Term Note, $5\%$ Interest Rate$],[$Year$,\backslash$table$[[$Principal$],[$Balance on January $1]],$Cash Payments December $31,$Applied to Interest,Applied to Principal,Principal Balance End of Period$],[$Year $1,,,,,],[$Year$2,,,,,],[$Year $3,,,,,],[$Year $4,,,,,],[$Year $5,,,,,]]$