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On January 1, 2024, Rosemont Corporation borrowed $14 million from a local bank to construct...

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Accounting

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On January 1, 2024, Rosemont Corporation borrowed $14 million from a local bank to construct a new bullding over the next three years. The loan will be paid back in three equal installments of $5,432,469 on December 31 of each year. The payments include interest at a rate of 8%. Prepare an amortization schedule over the three-year life of the installment note. (Round your final answers to the nearest dolla imount.)

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