FinanceCo lent $8 million to Corbin Construction on January 1, 2016, to construct a playground. Corbin signed a three-year, 6% installment note to be paid in three equal payments at the end of each year

Prepare an amortization schedule for the three-year term of the installment note 12/

12/31	cash payment	effective investm	decrease in balance	outstanding balance
2016
2017
2018

Record the first installment payment on December 31, 2016.

Record the third installment payment on December 31, 2018.