Problem 2 (25 points) On January 1, 2016, Mayberry Company borrowed cash from Central Bank by issuing a installment note payable that carried a 9% interest rate. The note is to be repaid $29,629.11, which includes both principal and interest. The payments are to Required: 1. Prepare an amortization schedule for the term of the loan, showing the amounts to be paid on priscipal $75,000 face value 3-year by making annaal cash payments of are to be made on December 31 of each year and interest for 2016, 2017, and 2018 and the loan balance at the end of each year. Date Beginning Balance Payment Interest Principal Ending Balance 2. Prepare the journal entry to record the yearly payment of both principal and interest for 2016