On January 1, 2014, Hatch Co. borrowed $310,000 cash from First Bank by issuing a five-year, 8 percent note. The principal and interest are to be paid by making annual payments in the amount of $77,642. Payments are to be made December 31 of each year, beginning December 31, 2014.

Prepare an amortization schedule for the interest and principal payments for the four-year period. (Enter all amounts as positive values. Round intermediate calculations and final answers to nearest whole dollar amount.)

HATCH CO Amortization Schedule Princip Applied to Principal Applied to Interest Principal Balance al Balance Cash Payment December 31 Year 2014 2015 2016 2017 on January 1 End of Period