Bensen Company started business by acquiring $25,500 cash from the issue of common stock on January 1, Year 1. The cash acquired was immediately used to purchase equipment for $25,500 that had a $4,700 salvage value and an expected useful life of four years. The equipment was used to produce the following revenue stream (assume that all revenue transactions are for cash). At the beginning of the fifth year, the equipment was sold for $5,200 cash. Bensen uses straight-line depreciation. Revenue Year 1 $ 7,770 Year 2 $8,270 Year 3 $ 8,470 Year 4 $ 7,270 Year 5 $ 0 Required Prepare income statements, statements of changes in stockholders' equity, balance sheets, and statements of cash flows for each of the five years. Present the statements in the form of a vertical statements model. y Bros H L LAUSULIUW. Stmt of Income Statement of Statement Changes in Balance Sheet Cash Flows Stkholders Eq Prepare the balance sheets for each of the five years. Present the statements in the form of a vertical statements mi be deducted should be indicated by a minus sign.) BENSEN COMPANY Balance Sheet Year 1 Year 2 Year 3 Year 4 Year 5 Assets Total assets Stockholders' Equity Total stockholders' equity $ 0 $ 0 $ Ols $ 0 ( Stmt of Changes in Stkholders Eq Statement of Cash Flows >