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Bensen Company began operations when it acquired $26,100 cash from the issue of common stock on January 1, 2018. The cash acquired was immediately used
Bensen Company began operations when it acquired $26,100 cash from the issue of common stock on January 1, 2018. The cash acquired was immediately used to purchase equipment for $26,100 that had a $3,700 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 $4,120 cash. Bensen uses straight-line depreciation. 2018 2019 2020 2021 2022 Revenue 7,950 $8,450 $8,650 $7,4500 BENSEN COMPANY For the Year Ended December 31 Income Statement 2018 2019 2020 2021 2022 0 0 0 0 0 Gain/(Loss) Net income/(loss) 0 $ 0 Satement of Changes in Stockholders' Equity 0 0 Net income/(loss) 0 0 0 0 0 Total stockholder's equity 0 Balance Sheet Assets Total assets 0 Stockholder's Equity Total stockholder's equity 0 Statement of Cash Flows Operating activities: Net cash flow from operating activities Investing activities Net cash investing activities Financing activities: 0 Net cash flow from financing activities Net change in cash Ending cash balance
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