A partial amortization schedule for a 10-year note payable issued on January 1, Year 1, is shown next: 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 $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. c. What is the amount of interest expense on this loan for Year 4?

A partial amortization schedule for a 10-year note payable Issued on January 1, Year 1, Is shown next: Principal Balance January Cash Payment Interest Principal Applied to Applied to Accounting Period Year 1 Year 2 Year 3 $360,000 335,149 308,310 $53,651$28,800 26,812 24,665 $24,851 26,839 28,986 53,651 53,651 Requlrecd 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 $94,000 cash revenue and pald $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. 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 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 Cash Flow 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 A Effect of Transactions on Financial Statements Balance Sheet Income Statement Cash Flow Event No. AssetsLiabilities Equity Revenue-ExpensesNet Income 360,000- (53,651) 360,000+ 360,000 FA (28,800)(53,651) FA 2. (24,851) (28,800) (28,800) Required A Required B1