Required information [The following information applies to the questions displayed below.] On January 1, Year...
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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 $60,000 face value, four-year term note that had an 8 percent annual interest rate. The note is to be repaid by making annual cash payments of $18,115 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 $28,200 cash per year. Required a. Prepare an amortization schedule for the -year period. (Round your answers to the nearest whole dollar amount.) BROWN CO. Amortization Schedule Year Principal Balance on January 1 Cash Payments December 31 Applied to Interest Applied to Principal Principal Balance End of Period Year 1 Year 2 Year 3 Year 4
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