Subject: accounting On January 1, Year 1, Beatie Company borrowed $240,000 cash from Central Bank by issuing afive-year, 6 percent note. The principal and interest are to be paid by making annual payments inthe amount of $56,975. Payments are to be made December 31 of each year, beginningDecember 31, Year 1.RequiredPrepare an amortization schedule for the interest and principal payments for the five-year period.(Round your answers to the nearest dollar amount.)YearYear 1Year 2Year 3Year 4Year 5PrincipalBalanceon January 1$240,000197,425152,296104,45853,751X Answer is complete but not entirely correct.BEATIE COMPANYAmortization Schedule$240,000, 5-Year Term Note, 6% Interest RateCashPaymentsDecember 3114,40011,845 X9,137 X6,267 X3,224$Applied toInterest56,975 X $56,975 X56,975 X56,975 X56,975Applied toPrincipal42,57545,12947,83750,70753,750$PrincipalBalanceEnd ofPeriod197,425152,295104,45853,7500

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On January 1, Year 1, Beatie Company borrowed $240,000 cash from Central Bank by issuing a five-year, 6 percent note. The principal and interest are to be paid by making annual payments in the amount of $56,975. 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.)