On January 1, 2016, Monroe 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, 2016.

Required

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