Exercise 10-2A Amortization schedule for an installment note LO 10-1

On January 1, Year 1, Beatie Co. borrowed $350,000 cash from Central Bank by issuing a five-year, 5 percent note. The principal and interest are to be paid by making annual payments in the amount of $80,841. Payments are to be made December 31 of each year, beginning December 31, Year 1. Required Prepare an amortization schedule for the interest and principal payments for the five-year period. (Round your answers to the nearest dollar amount.)

BEATIE CO.
Amortization Schedule
$350,000, 5-Yr. Term Note, 5% Interest Rate
Year	Prin. Bal. on Jan. 1	Cash Pay. Dec. 31	Applied to Interest	Applied to Principal	Prin. Bal. End of Period
Year 1
Year 2
Year 3
Year 4
Year 5