Exercise 10.4A (Algo) Financial statement effects of an installment note LO 10.1 A partial amortization schedule for a 10-year note payable issued on January 1 , Year 1 , is shown next a. Using a financial statements model, 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. b. If the company earned $68,000 cash revenue and paid $48,000 in cash expenses in addition to the interest in Year 1 , what is the amount of each of the following? (1) Net income for Year 1 . (2) Cash flow from operating activities for Year 1 . (3) Cash flow from financing activities for Year 1 . c. What is the amount of interest expense on this loan for Year 4 ? ng a financial statements model, record the appropriate amounts for the following two events: (1) January 1 , Year 1 , issue of the note the note payable. te: In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing ac lounts to be deducted and cash outflows should be indicated with a minus sign. Complete this question by entering your answers in the tabs below. If the company earned $68,000 cash revenue and paid $48,000 in cash expenses in addition to the interest in Year 1 , what is the amount of Net income for Year 1? Complete this question by entering your answers in the tabs below. If the company earned $68,000 cash revenue and paid $48,000 in cash expenses in addition to the interest in Year 1 , what is the amount of Cash flow from operating activities for Year 1 ? Note: Amounts to be deducted and cash outflows should be indicated with minus sign. Complete this question by entering your answers in the tabs below. If the company earned $68,000 cash revenue and 5aid $48,000 in cash expenses in addition to the interest in Year 1 , what is the amount of Cash flow from financing activities for Year 1 ? Note: Amounts to be deducted should be indicated with minus sign. Complete this question by entering your answers in the tabs below. What is the amount of interest expense on this loan for Year 4? Note: Round your answer to the nearest dollar amount