Seved - Chapters 9, 10, 11 Help 56 On January 1, Year 1, Beatie Co borrowed $230,000 cash from Central Bank by issuing a five-year, 5 percent note. The principal and interest are to be paid by making annual payments in the amount of $53,124. 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.) $8.05 BEATIE CO. Amortization Schedule Cash Applied to Payments December 31 Interest Year Principal Balance on January 1 Applied to Principal Principal Balance End of Period Year 1 Year 2 Year 3 Year 4 Year 5