Exercise 10-2A Amortization schedule for an installment note LO 10-1

On January 1, Year 1, Beatie Co. borrowed $330,000 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 $78,341. 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. (Round your answers to the nearest dollar amount.)

PLEASE INCLUDE ALL WORK

Exercise 10-2A Amortization schedule for an installment note LO 10-1 On January 1, Year 1, Beatie Co. borrowed $330,000 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 $78,341. 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. (Round your answers to the nearest dollar amount.) BEATIE CO Amortization Schedule $330,000, 5-Yr. Term Note, 6% Interest Rate Cash Pay Dec. 31 Prin. Bal on Jan.1 Applied to Interest Applied to Principal Prin. Bal End of Period Year Year 1 Year 2 Year 3 Year 4 Year 5