Problem 10-26A Effect of an installment note on financial statements LO 10-1 [The following information applies to the questions displayed below) On January 1, Year 1, Brown Co. borrowed cash from First Bank by issuing a $112,000 face-value, four- year term note that had an 8 percent annual interest rate. The note is to be repaid by making annual cash payments of $33,815 that include both interest and principal on December 31 of each year. Brown year. used the proceeds from the loan to purchase land that generated rental revenues of $64,000 cash per Problem 10-26A Part a Required a. Prepare an amortization schedule for the four-year period. (Round your answers to the nearest dollar amo BROWN co. Amortization Schedule $112,000, 4-Yr Term Note, 8% Interest Rate Prin. Bal Cash Pay.Applied to Applied to Prin. Bal. ear Required a. Prepare an amortization schedule for the four-year period. (Round your answers to the nearest dol BROWN co Amortization Schedule $112,000, 4-Yr. Term Note, 8% Interest Rate Prin. Bal.Cash Pay.Applied to Dec. 31 Applied to Prin. Bal. Year on Jan. 1 Interest Principal End of Period Year 1 Year 2 Year 3 Year 4 112,00033,815 33,815 33,815 33,815 8,960 S 24,855$ 6.972 4,824 2,505 S$ 87,145 60,302 31,311 26,843 28,991 31,310 87,145 60,302 31,311 Land Cash Year 1 Year 1 End. Bal. End. Bal. Year 2 End. Bal Year 3 End. Bal. Year 4