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[The following information applies to the questions displayed below.] On January 1, 2024, Cicero Corporation borrowed $9 million from a local bank to construct a

[The following information applies to the questions displayed below.]

On January 1, 2024, Cicero Corporation borrowed $9 million from a local bank to construct a new building over the next three years. The loan will be paid back in three equal installments of $3,555,493 on December 31 of each year. The payments include interest at a rate of 9%.

2. Prepare an amortization schedule over the three-year life of the installment note. (Round your final answers to the nearest dollar amount.)

image text in transcribed \begin{tabular}{|c|c|c|c|c|} \hline Date & Cash Paid & \begin{tabular}{c} Interest \\ Expense \end{tabular} & \begin{tabular}{c} Change in \\ Carrying Value \end{tabular} & \begin{tabular}{c} Carrying \\ Value \end{tabular} \\ \hline 1/1/2024 & & & & \\ \hline 12/31/2024 & & & & \\ \hline 12/31/2025 & & & & \\ \hline 12/31/2026 & & & & \\ \hline \end{tabular}

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