On January 1, Year 1, Hawk Company borrowed $100,000 from the Community Bank, issuing a three-year, 8% note payable. Payments of $38,803.35 are to be made each year on December 31. The payment will include both the interest and a portion of the principal. (Round your answers to two decimal points.)Required:Using the table below, prepare an amortization schedule for the note.DateBeginning BalancePaymentInterestPrincipalEnding Balance??????????????????
What will be an ideal response?
| Date | Beginning Balance | Payment | Interest | Principal | Ending Balance |
| Year 1 | $100,000.00 | $38,803.35 | $8,000.00 | $30,803.35 | $69,196.65 |
| Year 2 | 69,196.65 | 38,803.35 | 5,535.73 | 33,267.62 | 35,929.03 |
| Year 3 | 35,929.03 | 38,803.35 | 2,874.32 | 35,929.03 | 0.00 |
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