accounting question

Required Information The following information applies to the questions displayed below) On January 1 Year 1. Brown Co borrowed cash from First Bank by issuing a $111.000 face value, four-year term note that had an 8 percent annual interest rate The note is to be repaid by making annual cash payments of $33,513 that include both Interest and principal on December 31 of each year Brown used the proceeds from the loan to purchase land that generated rental revenues of $63,000 cash per year b. Prepare an income statement. balance sheet, and statement of cash flows for each of the four years (Hint. Record the trans for each year in T-accounts before preparing the financial statements) (Round your answers to the nearest dollar amount. Statement of Cash Flows only: Items to be deducted must be indicated with a minus sign.) Cash Land AT Year 20.487 110,000 83.000 End Bo 143,513 End Bal Year 2 143,513 End. Bal Year 3 143,513 End Bal Year 4 End. Bal 143,513 Notes Payable Retained Gaming Year Year End ! End. Da Year 2 Year 2 End Bal Year 3 End Bar Year End, Bal End Bal Notes Payable Retained Earnings Year 1 Year 1 End Bal End Bal Year 2 Year 2 End Bal End Bal Year 3 Year 3 End Bal End Bar Year Year 4 End. B Ella Bat Interest Expense Rent Revenue Yeart Year End Ba Year 2 End Bal Year 2 End Bal End: Bal Year Years End Bal End B Year 4 Year 4 End, Bal End B BROWN CO Income Statements For the Year Ended December 31 Year Year 2 Year Year 4 $ 05 09 OS BROWNECO Balance sheets As of December 31 Year 2 Year 3 Assets O $ ols Total assets Liabilities Stockholders equity $ 03 03 os Total labies and stockholders equity BROWN CO Statments of Cash Flow For the Year End Vez Year cash foys for operating te Required information Year Year 2 Ye3 Art 0 $ Totatas Liabilities Stockholders tegurity TO and stockholderseguity 0$ 09 os BROWN CO Statements of Cash Flows For the Year Ended December at Year Year 2 Cash flows from operating actvities Year Year Net cash flow from operating sitivities Cash Row from Jovesting activities Net cash flow from investing activities Cash flow from founding activits Netcafow from financing Netvibes Nehnolo D Erdogh bone Required Information The following information applies to the questions displayed below On January 1 Year 1. Brown Co. borrowed cash from First Bank by issuing a $111.000 face-value four year terminote that had an 8 percent annual interest rate. The note is to be repaid by making annual casn payments of $33.55 Ant include both interest and principal on December 31 of each year Brown used the proceeds from the loan to purchase land that generated rental revenues of $63.000 cash per year Required a. Prepare an amortization schedule for the four year period (Round your answers to the nearest dollar amount) Answer is complete but not entirely correct. Year BROWN CO Amortization Schedule $111.000, 4-Yr. Term Note, interest Rate Prin Bal Cash Pay Applied to Applied to on Jan 1 Dec. 31 interest Principal 111.000 1$ 33,313 1s 8.880 19 24,8332 86,367 33,512 8,007 28,006 50,731 33,513 4,778 28.735 33,513 30.000 X 2.480 31.033 % Prin Bar End of Period 38.367 59.31 30,00 X 1$ Year 1 Year 2 Year 3 Year 4 DIS XIS Required Information The following information applies to the questions displayed below) On January 1. Year 1. Brown Co borrowed cash from First Bank by issuing a $111.000 face value, four year term note that had an 8 percent annual interest rate. The note is to be repaid by making annual cash payments of $33.513 that include both interest and principal on December 31 of each year, Brown used the proceeds from the loan to purchase land that generated rental revenues of $63,000 cash per year. b. Prepare an income statement balance sheet, and statement of cash flows for each of the four years. (Hint: Record the for each year in T-accounts before preparing the financial statements.) (Round your answers to the nearest dollar amoun Statement of Cash Flows only: Items to be deducted must be Indicated with a minus sign) Cash Land Year Year 29.487 110.000 03.000 Endi Bal 143.513 End Bal Year 2 143,513 End Bal Year 3 143,513 End Bal Year 4 End Bal 143,513 Retained Earnings Notes Payable Year 1 Year 1 End Ball Year 2 End B Year 2 End Bar Years End Bal End Dal