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

On January $1,$ Year $1,$ Beatie Company borrowed $$360,000$ cash from Central Bank by issuing a five$-$year, $6$ percent note. The principal and interest are to be paid by making annual payments in the amount of $$85,463.$ 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$],[$Year$,\backslash$table$[[$Principal$],[$Balance on$],[$January $1]],\backslash$table$[[$Cash$],[$Payments$],[$December $31]],\backslash$table$[[$Applied to$],[$Interest$]],\backslash$table$[[$Applied to$],[$Principal$]],\backslash$table$[[$Principal$],[$Balance End of$],[$Period$]],],[$Year $1,,,,,,],[$Year $2,,,,,,],[$Year $3,,,,,,],[$Year $4,,,,,,],[$Year $5,,,,,,]]$