On January 1, 2011, Cobb Co. borrowed \(\$ 80,000\) cash from First Bank by issuing a four-year, 6 percent note. The principal and interest are to be paid by making annual payments in the amount of \(\$ 23,087\). Payments are to be made December 31 of each year, beginning December 31, 2011.

Required
Prepare an amortization schedule for the interest and principal payments for the four-year period.