HELP PLEASE

The following transactions apply to Pecan Co for Year 1, its first year of operations: 1. Pecelved $36,000 cast in exchange for issuance of common stock. 2. Secured a $110,000 ten-year installment loan from State Bonk. The interest rate is 7 percent and annual payments are $15,662. 3. Purchased land for $20,000. 4. Provided services for $80,000 5. Paid other operating expenses of $42,000, 6. Paid the annual payment on the losn. Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement and balance sheet for Year 1 c. What is the interest expense for Year 27 Year 3 ? Complete this question by entering your answers in the tabs below. Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. If thore is no effect on the Account. Titles for Retained Eamings, leove the cell blank. Not all cels will require entry) The following transactions apply to Pecan Co. for Year 1, its first year of operations: 1. Received $36,000 cash in exchange for issuance of common stock. 2. Secured a $110,000 ten-year installment loan from State Bank. The interest rate is 7 percent and annual payments are $15,662 3. Purchased land for $20,000. 4. Provided services for $80,000. 5. Paid other operating expenses of $42,000. 6. Paid the annual payment on the loan. Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement and balance sheet for Year 1 . c. What is the interest expense for Year 2 ? Year 3 ? Complete this question by entering your answers in the tabs below. Prepare an income statement for Year 1. requireo a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement and balance sheet for Year 1 . c. What is the interest expense for Year 2? Year 3? Complete this question by entering your answers in the tabs below. Prepare a balance sheet for Year 1. Problem 7.31A (Algo) Accounting for an installment note payable LO 7.5 The following transactions apply to Pecan Co. for Year 1, its first year of operations: 1. Received $36,000 cash in exchange for issuance of common stock. 2. Secured a $110,000 ten-year installment loan from State Bank. The interest rate is 7 percent and annual payments are $15,662 3. Purchased land for $20,000. 4. Provided services for $80,000. 5. Paid other operating expenses of $42,000. 6. Paid the annual payment on the loan. Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement and balance sheet for Year 1. c. What is the interest expense for Year 2? Year 3? Complete this question by entering your answers in the tabs below. What is the interest expense for Year 2? Year 3? (Round your answers to the nearest whole dollar amount.)