On January 1, 2013, Flick Co. borrowed $180,000 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 $42,731. Payments are to be made December 31 of each year, beginning December 31, 2013.
Required:
Prepare an amortization schedule for the interest and principal payments for the five year period.