Exercise 10-2A (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. BEATIE COMPANY Amortization Schedule Year Principal Balance on January 1 Cash Payments Applied to Interest Applied to Principal Principal Balance End of December 31 Period Year 1 Year 2 Year 3 Year 4 Year 5