Information Company purchased an asset that cost $70,000 on January 1, 2010. Arrangements were made with the supplier to pay $10,000 cash on January 1, 2010, and the balance was to be paid over a three-year period, with equal annual payments of $24,553 to be made at the end of 2010, 2011, and 2012. Each payment will include principal plus interest on the unpaid balance at 11% per year.

Requirements:

Complete the following table:

Date	Payment	Interest Expense	Reduction in Principal	Unpaid Principal
1/1/10
12/31/10
12/31/11
12/31/12

(round to the nearest dollar)

Show computations here: