Boyd Company has a line of credit with State Bank. Boyd can borrow up to $500,000 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 tate equal to 1 percent above the bank's prime rate. Funds are borrowed or repaid 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 6 percent (5 percent +1 percent) annuat interest on $70,000 for the month of January. Boyd earned $35.000 of cash revenue during Year 1. Required Prepare an income statement, balance sheet, and statement of cash flows for Year 1 . Prepare an income statement for Year 1. (Do not round intermediate calculations.) Prepare a balance sheet for Year 1. (Do not round intermediate calculations.) Prenare a statement of cash flnws for Yoar 1 inn not rnind intarmadiato ralculations. Ente