On January 1, Year 1, Beatie Co. borrowed $240,000 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 $56,975. Payments are to be made December 31 of each year, beginning December 31, Year 1 Required Prepare an amortization schedule for the interest and principal payments for the five-year period. (Round your answers to the nearest dollar amount.) Prin Bal, End of Period BEATIE CO. Amortization Schedule $240,000, 5-Yr. Term Note, 6% Interest Rate Prin. Bal. Cash Pay. Applied to Applied to on Jan. 1 Dec. 31 interest Principal Year 1 $ 0 5 0 5 0 $ 000 Yes 3 TO Year 4 0 0 0 Year 500 or o $