Bensen Company started business by acquiring $27,500 cash from the issue of common stock on January 1. Year 1. The cash acquired was immediately used to purchase equipment for $27,500 that had a $4,300 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 $4,850 cash. Bensen uses straight-line depreciation. YO Revenue $ 7,580 $ 8,080 $8,280 $ 7.000 Required Prepare income statements, statements of changes in stockholders' equity, balance sheets, and statements of cash flows for each of the five years. Complete this question by entering your answers in the tabs below. Income Strnt of Changes in Statement of Statement Balance Sheet stkholders Eq Cash Flows Prepare income statements for each of the five years. BENSEN COMPANY Income Statement For the Year Ended December 31 Year 1 Year 2 Year 3 Year Revenue 7,580 5 8,080 $ 8.280 5 7,08 Depreciation expense Operating income 7,580 8.080338,280 7 ,080 Gain (Loss) 3 3333333 $ Net income (loss) 7,580 $ 8,080 S 3 7000S 8.280 S > Stmt of Changes in Sikholders Bensen Company started business by acquiring $27,500 cash from the issue of common stock on January 1 Year 1. The cash acquired was immediately used to purchase equipment for $27,500 that had a $4,300 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 $4,850 cash. Bensen uses straight-line depreciation 3 . Bensen uses streamente trans Ravenue $ 7,580 $ 8,080 Year 3 $ 8,280 6,080 41,280 Year 4 $ 7,080 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. mence sheets, and statements of a Complete this question by entering your answers in the tabs below. Statement Strnt of Income Changes in Statement of Balance Sheet Cash Flows stkholders EL Prepare the statements of changes in stockholders' equity for each of the five yea LEBENSEN COMPANY Statement of Changes in Stockholders' Equity For the Year Ended December 31 Year 1 Year 2 Year 3 | Beginning common stock ENSEN COMPANY 1 UN TO 1 - N TIT 05530 0 0 SER Net income/(loss) 11 1 Total stockholders' equity 0 $0 $0 SO SE Bensen Company started business by acquiring $27,500 cash from the issue of common stock on January 1, Year 1. The cash acquired was immediately used to purchase equipment for $27,500 that had a $4,300 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 $4,850 cash. Bensen uses straight-line depreciation. Revenue $ 7,580 Year 2 $8,080 Year 4 $ 7,080 Yea $8,280 Required Prepare income statements, statements of changes in stockholders' equity, balance sheets, and statements of cash flows for each of the five years. te worden Complete this question by entering your answers in the tabs below. Strt of Income Statement changes in Balance Sheet Stkholders El .......... Statement of Cash Flows Prepare the balance sheets for each of the five years. (Amounts to be deducted should be indicated by a mission) P E ILLEBENSEN COMPANY I NN Balance Sheet Year 1 Year 2 Year 4 Years Assets 0 $ Total assets Stockholders' Equity TEL OLULOIL T OL Total stockholders' equity 0 $ 0 Changes in Balance Sheet Cash Flows Income Strnt of Statement changes in Balance Sheet Statement of Stkholders Eg Prepare the statements of cash flows for each of the five years. BENSEN COMPANY Statement of Cash Flows Year 1 Year 2 Operating activities: Year 3 Year 4 Year 5 Net cash flow from operating activities Investing activities: Net cash investing activities Financing activities: Net cash flow from financing activities Net change in cash 0 $ Ending cash balance