Bensen Company began operations when it acquired $60,000 cash from the issue of common stock on January 1, Year 1. The cash acquired was Immediately used to purchase equipment for $50,000 that had a $10,000 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 $8,800 cash. Bensen uses straight-line depreciation. Year 1 Year 2 Year 3 Year 4 Year 5 Revenue $ 26, 108 $28, 508 $32, 090 $31, 308 Required Prepare Income statements, statements of changes In stockholders' equity, balance sheets, and statements of cash flows for each of the five years. (Statement of Cash Flows and Balance Sheet only: Items to be deducted must be Indicated with a minus sign.) Complete this question by entering your answers in the tabs below.Income Stmt of Balance Sheet Statement of Statement Changes Cash Flows 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 Gain/(Loss) Net income/(loss)Income Stmt of Balance Sheet Statement of Statement Changes Cash Flows Prepare 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 Net income/(loss) Total stockholders' equityIncome Stmt of Statement Balance Sheet Statement of Changes Cash Flows Prepare 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 Stockholders' Equity Total stockholders' equity