Bensen Company began operations when it acquired $25,700 cash from the issue of common stock on January 1, Year 1. The cash acquired was immediately used to purchase equipment for $25,700 that had a $4,500 salvage value and an expected useful life of four years. The equipment was used to produce the following revenue stream (assume all revenue transactions are for cash). At the beginning of the fifth year, the equipment was sold for $4,980 cash. Bensen uses straight-line depreciation.

Prepare income statements for each of the five years. (Losses should be entered with a minus sign.) BENSEN COMPANY Income Statement For the Year Ended December 31 Year 1 Year 2 Year 3 Year 4 Year 5 0 0 0 0 Gain/(Loss) Net income/(loss) 0 0 0Prepare the statements of changes in stockholders' equity for each of the five years. (Amounts to be deducted and losses should be indicated by a minus sign.) BENSEN COMPANY Statement of Changes in Stockholders' Equity For the Year Ended December 31 Year 1 Year 2 Year 3 Year 4 Year 5 0 0 0 Net income/(loss) 0 0 0 Total stockholders' equity $ 0 $ 0 0 $ 0 $ 0Prepare the balance sheets for each of the five years. (Amounts to be deducted should be indicated by a minus sign.) BENSEN COMPANY Balance Sheet As of December 31 Year 1 Year 2 Year 3 Year 4 Year 5 Assets Total assets $ 0 $ 0 $ 0 $ 0 Stockholders' Equity Total stockholders' equity $ 0 0 $ 0 0 $ 0Prepare the statements of cash flows for each of the five years. (Cash outflows should be indicated with a minus sign.) BENSEN COMPANY Statement of Cash Flows For the Year Ended December 31 Year 1 Year 2 Year 3 Year 4 Year 5 Operating activities: Net cash flow from operating activities 0 0 0 0 0 Investing activities: Net cash investing activities 0 0 0 0 0 Financing activities: Net cash flow from financing activities 0 0 Net change in cash 0 0 0 0 0 Ending cash balance 0 0 0 0 0