On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $67,500 face value, four-year term note that had an 8 percent annual interest rate. The note is to be repaid by making annual cash payments of $20,380 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $33,075 cash per year.

Required

1. Prepare an amortization schedule for the four-year period. (Round your answers to the nearest whole dollar amount.)

2. BROWN CO.
   Amortization Schedule
   Year	Principal Balance on January 1	Cash Payments December 31	Applied to Interest	Applied to Principal	Principal Balance End of Period
   2018
   2019
   2020
   2021