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

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Accounting

Required information
[The following information applies to the questions displayed below.]
On January 1, Year 1, Brown Co. borrowed cash from First Bank by issuing a $78,000 face value, four-year term note that had an 6 percent annual interest rate. The note is to be repaid by making annual cash payments of $22,510 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $39,780 cash per year.
Required
a. Prepare an amortization schedule for the four-year period. (Round your answers to the nearest whole dollar amount.)
\table[[BROWN CO.,],[Year,\table[[Principal Balance],[on January 1]],\table[[Cash Payments],[December 31]],\table[[Applied to],[Interest]],\table[[Applied to],[Principal]],\table[[Principal Balance],[End of Period]]],[Year 1,,,,,],[Year 2,,,,,],[Year 3,,,,,],[Year 4,,,,,]]
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