On January 1, 2014, Parker Company obtained a $125,000, four-year, 6% installment note from Clark Bank. The note requires annual payments of $36,074, beginning on December 31, 2014.
a. Prepare an amortization table for this installment note, similar to the one presented in Exhibit 3. Round the computation of the interest expense to the nearest whole dollar. Enter all amounts as positive numbers. (Note: Due to rounding, the 12/31/2017 Interest expense is provided.)