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 5 Revenue Year 1 $ 26,100 Year 2 $28,5ee Year 3 $32,000 Year 4 $31,300 $ 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 slgn.) Complete this question by entering your answers in the tabs below. Income Statement Stmt of Changes Balance Sheet Statement of Cash Flows Prepare income statements for each of the five years. (Losses should be entered with a minus sign.) BEN SEN COMPANY Income Statement For the Year Ended December 31 Year 1 Year 2 Year 4 Year 5 Year 3 Gain/(Loss) Net income (loss) Income Stmt of Statement of Balance Sheet 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.) BEN SEN 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' equity Income Statement Stmt of Changes Balance Sheet Statement of Cash Flows Prepare the balance sheets for each of the five years. (Amounts to be deducted should be indicated by a minus sign.) BEN SEN 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 Income Stmt of Statement of Balance Sheet Statement Changes Cash Flows Prepare the statements of cash flows for each of the five years. (Cash outflows should be indicated with a minus sign.) BEN SEN 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 Investing activities: Net cash investing activities Financing activities: Net cash flow from financing activities Net change in cash Ending cash balance