1 8.33 points Exercise 10-4A Financial statement effects of an installment note LO 10-1 A partial amortization schedule for a 10-year note payable issued on January 1, Year 1, is shown next: Accounting Period Principal Balance January 1 Cash Payment Applied to Interest Year 1 eBook $220,000 $29,891 $13,200 Applied to Principal $16,691 Year: 2 Year 3 Hint 203,309 185,617 29,891 12,199 17,692 29,891 11,137 18,754 Pint Required a. Using a financial statements model like the one shown next, record the appropriate amounts for the following two events: (1) January 1, Year 1, Issue of the note payable. (2) December 31, Year 1, payment on the note payable. b. If the company earned $66,000 cash revenue and paid $47,000 in cash expenses in addition to the interest in Year 1, what is the amount of each of the following? (1) Net income for Year 1. (2) Cash flow from operating activities for Year 1. (3) Cash flow from financing activities for Year 1. c. What is the amount of interest expense on this loan for Year 4? Complete this question by entering your answers in the tabs below. 1 8.33 points eBook Hint Pont c. What is the amount of interest expense on this loan for Year 4? Complete this question by entering your answers in the tabs below. Required A Required B1 Required B2 Required B3 Required C If the company earned $66,000 cash revenue and paid $47,000 in cash expenses in addition to the interest in Year 1, what is the amount of Cash flow from financing activities for Year 17 (Amounts to be deducted should be indicated with minus sign.) Cash flows from financing activities Net cash flow from financing activities Chapter 10 Homework 1 8.331 points c. What is the amount of interest expense on this loan for Year 4? Complete this question by entering your answers in the tabs below. Help Seved Required A Required B1 Required 82 Required 83 Required C eblock He P Using a financial statements model like the one shown next, record the appropriate amounts for the following two events: (1) January 1, Year 1, issue of the note payable. (2) December 31, Year 1, payment on the note payable. (In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity and NA to indicate the element is not affected by the event. Enter any decreases to account balances with a minus sign.) Show less & Effect of Transactions on Financial Statements Balance Sheet Income Statement Statement of Cash Event No. Assets Liabilities Equity Revenue Expenses Net Income Flows T 2 Required 81> 1 Book Hint Print c. What is the amount of interest expense on this loan for Year 4? Complete this question by entering your answers in the tabs below. Required A Required B1 Required B2 Required B3 Required C If the company earned $66,000 cash revenue and paid $47,000 in cash expenses in addition to the interest in Year 1, what is the amount of Net income for Year 1? Expenses Total expenses 1 8.33 points eBook H P c. What is the amount of interest expense on this loan for Year 4? Complete this question by entering your answers in the tabs below. Required A Required B1 Required B2 Required B3 Required C If the company earned $66,000 cash revenue and paid $47,000 in cash expenses in addition to the interest in Year 1, what is the amount of Cash flow from operating activities for Year 17 (Amounts to be deducted should be indicated with minus sign.) Cash flows from operating activities Net cash flow from operating activities eBook c. What is the amount of interest expense on this loan for Year 4? Hint Print Complete this question by entering your answers in the tabs below. Required A Required B1 Required B2 Required B3 Required C What is the amount of interest expense on this loan for Year 47 (Round your answer to the nearest dollar amount.) Interest expense