On January 1, Year 1, Beatie Company 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.) BEATIE COMPANY Amortization Schedule $240,000, 5-Year Term Note, 6% Interest Rate Principal Cash Payments Applied to Applied to Principal Year Balance Balance December 31 Interest Principal on January 1 End of Period Year 1 $ 240,000 $ 56,975 $ 14,400 $ 42,575 $ 197,425 Year 2 197,425 56,975 11,846 45, 129 152,296 Year 3 152,296 56,975 9, 138 47,837 104,459 Year 4 104,459 56,975 6,268 50,707 53,752 Year 5 53,752 56,975 3,225 53,750 2