Boyd Company has a line of credit with State Bank. Boyd con borrow up to $480,000 at any time over the course of the Year 1 calendar year . The following table shows the prime rate expressed as an annual percentage along with the amounts borrowed and repaid during Year 1. Boyd agreed to pay interest at an annual rate equal to 1 percent above the bank's prime rate. Funds are borrowed or repeld on the first day of each month. Interest is payable in cash on the last day of the month. The interest rate is applied to the outstanding monthly balance. For example, Boyd pays 7 percent (6 percent + 1 percent) annual interest on $72,000 for the month of January rences Prime Rate Amount torroved for the Month or Chepaid Month January $72,000 65 February 54.000 6 March 7 April through October (42,000 to change No change November (30.000) December (18,000) Boyd earned $33,000 of cash revenue during Year 1 Required Prepare an income statement, balance sheet, and statement of cash flows for Year 1 Complete this question by entering your answers in the tabs below. 000 Income Statement Balance Sheet Cash Flows Prepare an income statement for Year 1. (Do not round intermediate calculations) BOYD COMPANY Income Statement For the Year Ended December 31, Year ce Expenses o Balance Sheet > Prepare an income statement, balance sheet, and statement of cash flows for Year 1. Complete this question by entering your answers in the tabs below. Ielloch Pw Income Balance Sheet Cash Flows Statement Prepare a balance sheet for Year 1. (Do not round intermediate calculations.) BOYD COMPANY Balance sheet As of December 31. Yeart Assets ferences 5 0 Tout Labies Stockholders' Equity Common stock To holders Labond word Equity o