Required information Problem 7-30 Effect of an installment note on financial statements LO 7-5 [The following information applies to the questions displayed below.) On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $54.500 face value, four-year term note that had an 7 percent annual interest rate. The note is to be repaid by making annual cash payments of $16.090 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 $25,070 cash per year. Problem 7-30 Part a a. Prepare an amortization schedule for the four-year period. (Round your answers to the nearest whole dollar amount.) BROWN CO. Amortization Schedule Cash Payments Applied to December 31 interest Year Principal Balance on January 1 Applied to Principal Principal Balance End of Period 2018 2019 2020 2021