Boyd Company thas a line of credit with State Bank. Boyd can borrow up to $500000 at amy time over the course of the Year 1 calendar year. The following table shows the prime rate expressed as an onnual perceritage aiong with the anounts borrowed and repaid during Year 1. Boyd agceed to pay interest at an annual rate equal to 1 percent above the bank's prime rete. Funds are borrowed of 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) annual interest on $70,000 for the month of January? Boyd eatned $35,000 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. Prepare a statement of cash flows for Year ilculations. Enter cas