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Required information

Problem $10-26$A $($Algo$)$ Effect of an installment note on financial statements LO $10-1$

$[$The following information applies to the questions displayed below.$]$

On January $1,$ Year $1,$ Brown Company borrowed cash from First Bank by issuing a $$105,000$ face$-$value, four$-$year term note that had an $6$ percent annual interest rate. The note is to be repaid by making annual cash payments of $$30,302$ that include both interest and principal on December $31$ of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $$57,000$ cash per year.

Problem $10-26$A $($Algo$)$ Part a

Required

a$.$ Prepare an amortization schedule for the four$-$year period. $($Round intermediate calculations to nearest dollar amount. Round your answers to the nearest dollar amount.$)$

$\backslash$table$[[$BROWN COMPANY$],[$Amortization Schedule$],[$$$105,000,4-$Year Term Note, $6\%$ Interest Rate$],[$Year$,\backslash$table$[[$Principal$],[$Balance$],[$on January $1]],\backslash$table$[[$Cash Payment$],[$December $31]],\backslash$table$[[$Applied to$],[$Interest$]],\backslash$table$[[$Applied to$],[$Principal$]],\backslash$table$[[$Principal$],[$Balance$],[$End of Period$]]],[$Year $1,,,,,],[$Year $2,,,,,],[$Year $3,,a^9,,,],[$Year $4,,,,,]]$