Golden Manufacturing Company started operations by acquiring $111,000 cash from the issue of common stock. On January 1, Year 1, the company purchased equipment that cost $101,000 cash, had an expected useful life of five years, and had an estimated salvage value of $10,100. Golden Manufacturing earned $90,820 and $65,020 of cash revenue during Year 1 and Year 2, respectively. Golden Manufacturing uses double-declining balance depreciation. Required a. Record the above transactions in a horizontal statements model. b-1. Prepare Income statements for Year 1 and Year 2. b-2. Prepare balance sheets for Year 1 and Year 2. b-3. Prepare statements of cash flows for Year 1 and Year 2 GOLDEN MANUFACTURING COMPANY Horizontal Statements Model Balance Sheet Assets Equity Revenue BV Common Retained Equipment Stock Earnings Income Statement Statement of Cash Expense Net Income Flows Event Cash 0 0 0 + 0 0 Year 1 issue stock Purchase equipment Revenue Depreciation expense Balance Year 2 Beg bal Revenue Depreciation expense End bal 0 0 GOLDEN MANUFACTURING COMPANY Income Statements For the Year Ended December 31 Year 1 Year 2 GOLDEN MANUFACTURING COMPANY Balance Sheets As of December 31 Year 1 Year 2 Assets $ 0 $ 0 Total Assets Stockholders' equity S 0 CA 0 Total stockholders' equity GOLDEN MANUFACTURING COMPANY Statements of Cash Flows For the Year Ended December 31 Year 1 Year 2 Cash flows from operating activities: Cash flows from investing activities Cash flows from financing activities Net change in cash $ 0 $ $ 0 Ending cash balance