On January 1, Year 1, Beatie Co. borrowed $310,000 cash from Central Bank by issuing a five-year, 7 percent note. The principal and interest are to be paid by making annual payments in the amount of $75,606. 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.)

Chart:

Year Prin. Bal. On Jan 1 Cash Pay. Dec31 Applied to Principal Prin Bal. End of Period

year1

year2

year3

year4

year5