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On January 1, Year 1, Brown Co. borrowed cash from First Bank by issuing a...

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Accounting

On January 1, Year 1, Brown Co. borrowed cash from First Bank by issuing a $73,500 face value, four-year term note that had an 7 percent annual interest rate. The note is to be repaid by making annual cash payments of $21,699 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 $33,810 cash per year.
Required
Prepare an amortization schedule for the four-year period. (Round your answers to the nearest whole dollar amount.)

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