Golden Manufacturing Company started operations by acquiring $76,000 cash from the issue of common stock. On January 1, Year 1, the company purchased equipment that cost $66,000 cash, had an expected useful life of five years, and had an estimated salvage value of $6,600. Golden Manufacturing earned $99,520 and $64,210 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. Complete this question by entering your answers in the tabs below. Req B1 Inc Req A Stmt Req 82 Ball Req B3 Stmt Sheet Cash Record the above transactions in a horizontal statements model. (In the Cash Flow column, indicate whether the item is an operating activity (OA), activity (FA) and net change in cash (NC). If the element is not affected by the event, leave the cell blank. Enter any decreases to account balance not round intermediate calculations. Round the final answers to nearest dollar amount. Not all cells will require entry.) GOLDEN MANUFACTURING COMPANY Horizontal Statements Model Balance Sheet Income Statement Assets = Equity Event Cash BV Equipment Common Stock Retained Revenue Earnings Expense Net Income Statement of Cash Flows Year 1 Issue stock Purchase equipment 76,000+ (66,000) + 76,000+ 76,000 FA 66,000 = + = (66,000) A Revenue 99,520 + + 99,520 99,520 = 99,520 99,520 OA Depreciation expense + + Balance 109,520 + 66,000- 76,000+ 99,520 99,520 0- 99,520 109,520 Year 2 Beg. bal. + Revenue +. + = Depreciation expense + End. bal. 0+ 0+ 0 0 0= 0 0 Golden Manufacturing Company started operations by acquiring $76,000 cash from the issue of common stock. On January 1, Year 1, the company purchased equipment that cost $66,000 cash, had an expected useful life of five years, and had an estimated salvage value of $6,600. Golden Manufacturing earned $99,520 and $64,210 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. Complete this question by entering your answers in the tabs below. Req A eq B1 Inc Stmt Req B2 Bal Sheet Req B3 Stmt Cash Prepare income statements for Year 1 and Year 2. (Do not round intermediate calculations. Round the final answers to nearest dollar amount.) GOLDEN MANUFACTURING COMPANY Income Statements For the Year Ended December 31 Year 1 Year 2 Golden Manufacturing Company started operations by acquiring $76,000 cash from the issue of common stock. On January 1, Year 1. the company purchased equipment that cost $66,000 cash, had an expected useful life of five years, and had an estimated salvage value of $6,600, Golden Manufacturing earned $99,520 and $64,210 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 Complete this question by entering your answers in the tabs below. Req A Req B1 Inc Req B2 Bal Req 83 Stmt Stmt Sheet Cash Prepare balance sheets for Year 1 and Year 2. (Do not round intermediate calculations. Round the final answers to nearest dollar amount.) GOLDEN MANUFACTURING COMPANY Balance Sheets As of December 31 Year 1 Year 2 Assets Total Assets $ 0 $ 0 Stockholders' equity Total stockholders' equity $ 0 $ 0 Golden Manufacturing Company started operations by acquiring $76,000 cash from the issue of common stock. On January 1, Year 1, the company purchased equipment that cost $66,000 cash, had an expected useful life of five years, and had an estimated salvage value of $6,600. Golden Manufacturing earned $99,520 and $64.210 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. Complete this question by entering your answers in the tabs below. Req A Req B1 Inc Req B2 Bal Stmt Sheet R 83 Stmt Cash Prepare statements of cash flows for Year 1 and Year 2. (Cash outflows should be indicated with a minus sign. Do not round Intermediate calculations. Round the final answers to nearest dollar amount.) GOLDEN MANUFACTURING COMPANY Statements of Cash Flows For the Year Ended December 31 Cash flows from operating activities: Cash flows from investing activities: Cash flows from financing activities: Net change in cash Ending cash balance S Year 1 Year 2 0 $ 0