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On January 1, Year 1, Brown Company borrowed cash from First Bank by issuing a $59,500 face value, four-year term note that had an 6
On January 1, Year 1, Brown Company borrowed cash from First Bank by issuing a $59,500 face value, four-year term note that had an 6 percent annual interest rate. The note is to be repaid by making annual cash payments of $17,171 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $30,345 cash per year. Required a. Prepare an amortization schedule for the four-year period. Note: Round your answers to the nearest whole dollar amount
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