On January 1, Year 1, Beatie Co. borrowed $280,000 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 $66,471. 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.) BEATIE CO. Amortization Schedule $280,000, 5-Yr. Term Note, 6% Interest Rate Year Prin. Bal. on Jan. 1 Cash Pay. Dec. 31 Year 1 Year 2 Year 3 Year 4 Year 5 Applied to Interest Applied to Principal Prin. Bal. End of Period