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b.Organize the information in accounts under an accounting equation. (Round your answers to the nearest whole dollar amount. Enter any decreases to account balances with
b.Organize the information in accounts under an accounting equation. (Round your answers to the nearest whole dollar amount. Enter any decreases to account balances with a minus sign. If there is no effect on the Accounts Titles / Retained Earnings, leave the cell blank.)
Required Information [The following information applies to the questions displayed below.] On January 1, 2018, Brown Co. borrowed cash from First Bank by Issuing a $59,500 face value, four-year term note that had an 9 percent annual Interest rate. The note is to be repaid by making annual cash payments of $18,366 that include both Interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $32,130 cash per year. Required a. Prepare an amortization schedule for the four-year period. (Round your answers to the nearest whole dollar amount.) BROWN CO. Amortization Schedule Principal Balance Cash Payments Applied to on January 1 December 31 Interest Year Applied to Principal Principal Balance End of Period 2018 2019 2020 2021 BROWN CO. Effect of Events on the Accounting Equation 2018, 2019, 2020 and 2021 Assets = Llables - Stockholdere Equity - Land . * Notes Retained Land Payable Earnings Event Accounts Titles / Retained Earnings Caen Cash 2018 1/1 + 12/31 12/31 Bal. 2019 Beg, bal. 12/31 12/31 End, bal0 2020 Beg, bal 12/31 1231 Endbal 2021 + Bega 1231 231 Endball c. Prepare an income statement, a balance sheet, and a statement of cash flows for each of the four years. Complete this question by entering your answers in the tabs below. Reg C Inc Stmt Reg C Bal Sheet Req C CF Stmt Prepare the income statement for each of the four years. (Round your answers to the nearest whole dollar amount.) BROWN CO. Income Statement For the Year Ended December 31 2018 2019 2020 2021
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