On January $1,$ Year $1,$ Beatie Company borrowed $$220,000$ cash from Central Bank by issuing a five$-$year, $7$ percent note. The principal and interest are to be paid by making annual payments in the amount of $$53,656.$ 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.

Note: Round your answers to the nearest dollar amount.

$\backslash$table$[[$BEATIE COMPANY,$],[$Year$,\backslash$table$[[$Principal$],[$Balance on$],[$January $1]],\backslash$table$[[$Cash$],[$Payments$],[$December $31]],\backslash$table$[[$Applied to$],[$Interest$]],\backslash$table$[[$Applied to$],[$Principal$]],\backslash$table$[[$Principal$],[$Balance End of$],[$Period$]]],[$Year $1,,,,,],[$Year $2,,,,,],[$Year $3,,,,,],[$Year $4,,,,,],[$Year $5,,,,,]]$