On January 1, 2016, Brown Co. borrowed cash from First Bank by issuing a $107,000 face value, four-year term note that had an 6 percent annual interest rate. The note is to be repaid by making annual cash payments of $30,879 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $59,000 cash per year.

The Amortization scheudle for the 4 year period is

year	prin bal on jan 1	cash pay dec 31	applied to interest	applied to principle	prin cal end of period
2016	107000	30879	6420	24459	82541
2017	82541	30879	4952	25927	56614
2018	56614	30879	3397	27482	29132
2019	29132	30879	1748	29131	0

First record each item in thier T account and thn prepare the financial statements (Prepare an income statement, balance sheet, and statement of cash flows for each of the four years.)