A partial amortization schedule for a 10-year note payable issued on January 1, Year 1, is shown next Accounting Period Year 1 Year 2 Year 3 Principal Balance January 1 $280,000 259,734 238,049 Cash Payment $39,866 39,866 39,366 Applied to Interest $19,600 18,181 16,663 Applied to Principal $20.266 21,685 23,203 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 $78,000 cash revenue and paid $53,000 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 47 Complete this question by entering your answers in the tabs below. Required A Required B1 Required B2 Required B3 Required 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 Assets Liabilities Equity Revenue Expenses - Net Income Statement of Cash Flows Event No 1 2 Required 31 > Complete this question by entering your answers in the tabs below. Required A Required B1 Required B2 Required B3 Required If the company earned $78,000 cash revenue and paid $53,000 in cash expenses in addition to the interest in Year 1, what is the amount of Net income for Year 1? Expenses Total expenses mis question by entering your answers in the tabs below. Required a Required B1 Ranuired B2 Required B3 Required If the company earned $78,000 cash revenue and paid $53,000 in cash expenses in addition to the interest in Year 1, what is the amount of cash flow from operating activities for Year 1? (Amounts to be deducted should be indicated with minus sign.) Cash flows from operating activities Net cash flow from operating activities Complete this question by entering your answers in the tabs below. Required A Required B1 Required B2 Required B3 Required If the company earned $78,000 cash revenue and paid $53,000 in cash expenses in addition to the interest in Year 1, what is the amount of cash flow from financing activities for Year 1? (Amounts to be deducted should be indicated with minus sign.) Cash flows from financing activities Net cash flow from financing activities Complete this question by entering your answers in the tabs below. Required A Required B1 Required B2 Required B3 Required What is the amount of interest expense on this loan for Year 4? (Round your answer to the nearest dollar amount.) Interest expense
