Need step by step procedure.

On January 1, 2016, Beatie Co. borrowed $360,000 cash from Central Bank by issuing a five-year,6 percent note. The principal and interest are to be paid by making annual payments in the amount of $85,463. Payments are to be made December 31 of each year, beginning December 31, 2016. 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 $360,000, 5-Yr. Term Note, 6% Interest Rate year Prin. Bal. Cash Pay. Applied to Applied to Prin. Bal. 2016 2017 2018 2019 2020 on Jan. 1 Dec. 31 PrincipalEnd of Perio Interest