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Bensen Company started business by acquiring $28,100 cash from the issue of common stock on January 1, Year 1. The cash acquired was immediately
Bensen Company started business by acquiring $28,100 cash from the issue of common stock on January 1, Year 1. The cash acquired was immediately used to purchase equipment for $28,100 that had a $4,100 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 $4,530 cash. Bensen uses straight-line depreciation. Year 1 Revenue $ 7,520 Year 2 $ 8,020 Year 31 Year 4 $ 8,220 $ 7,020 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. Complete this question by entering your answers in the tabs below. Stmt of Income Statement Statement of Changes in Balance Sheet Cash Flows Stkholders Eq Prepare income statements for each of the five years. BENSEN COMPANY Gain(Loss) on sale of asset Net income/(loss) Income Statement For the Year Ended December 31 Year 1 Year 2 Year 3 Year 4 Year 5 Stmt of Changes in Stkholders Eq>
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