Complete this question by entering your answers in the tabs below. Required A Required B1 Required B2 Required B3 Required C Using a financial statements model like the one shown next, record the appropriate amounts for the following two events: (1) January 1, Year 1, issue of the note payable. (2) December 31, Year 1, payment on the note payable. (In the Cash Flow column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity and NA to indicate the element is not affected by the event. Enter any decreases to account balances with a minus sign.) Show less Effect of Transactions on Financial Statements Balance Sheet Income Statement Cash Flow Event No. Assets Liabilities Equity Revenue - Expenses = Net Income 1. 2. Required A Required B1 Required B2 Required B3 Required If the company earned $62,000 cash revenue and paid $45,000 in cash expenses in addition to the interest in Year 1, what is the amount of Net income for Year 1? Expenses Total expenses Complete this question by entering your answers in the tabs below. Required a Required B1 Required B2 Required B3 Required C If the company earned $62,000 cash revenue and paid $45,000 in cash expenses in addition to the interest in Year 1, what is the amount of Cash flow from operating activities for Year 1? (Amounts to be deducted should be indicated with minus sign.) Cash flows from operating activities: Net cash flow from operating activities What is the amount of interest expense on this loan for Year 4? (Round your answer to the nearest dollar amount.) Interest expense