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 Applied to Principal

Year $1$ $ $360,000$ $ $53,651$ $ $28,800$ $ $24,851$

Year $2335,14953,65126,81226,839$

Year $3308,31053,65124,66528,986$

Required

Using a financial statements model, 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.

If the company earned $$94,000$ cash revenue and paid $$61,000$ 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 $1.$

What is the amount of interest expense on this loan for Year $4?$