On January 1, 2021, Pharoah Corp, borrows $28,000 by signing a 3-year, 8% note payable. The note is repayable in three annual blended payments of $10,865 on December 31 of each year. Prepare an instalment payment schedule for the note. (Round answers to O decimal places, e.g. 5,276.) Period Cash payment Jan. 1, $ 2021 Dec. 31, 2021 Dec. 31. 2022 Dec. 31, 2023 Interest Expense 8% $ Reduction of Principal Principal Balance