chapter 10 question 1

Required information [The following information applies to the questions displayed below.] On January 1, Year 1, Brown Company borrowed cash from First Bank by issuing a $114,000 face-value, fouryear term note that had an 8 percent annual interest rate. The note is to be repaid by making annual cash payments of $34,419 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 $66,000 cash per year. Prepare an amortization schedule for the four-year period. (Round intermediate calculations to nearest dollar amount. Round your answers to the nearest dollar amount.)