i On January 1, Year 1, Beatie Co. borrowed $220,o00 cash from Central Bank by issuing a five-year, 7 percent note. The principal and interest are to be paid by making annual payments in the amount of $53,656. Payments are to be made December 31 beginning December 31, Year 1 of each year, 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 $220,000, 5-Yr. Term Note, 7% Interest Rate Prin. Bal. on Jan. 1 Cash Pay. Dec. 31 Applied to Interest Applied to Principal Prin. Bal. End of Period Year Year 1 Year 2 Year 3 Year 4 Year 5