On January 1. Year 1, Beatle 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.) BEATIE CO. Amortization Schedule Cash Payments Applied to Interest December 31 Principal Balance on Year Applied to Principal Principal Balance End of Period Year 1 Year 2 Year 3 Year 4 Year 5