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.) BEATE BO. Amortization Schedule Year Principal Balance on January 1 Cash Payments December 31 Applied to Interest Applied to Principal Principal Balance End of Period Year 11 Your 2 Year 3 Year 4 Year 5