On January 1, Year 1, Brown Co. borrowed cash from First Bank by issuing a $66,000 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 $19,047 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 $31,680 cash per year.

3. Prepare an income statement, a balance sheet, and a statement of cash flows for each of the four years.

Required information [The following information applies to the questions displayed below.) On January 1. Year 1, Brown Co. borrowed cash from First Bank by issuing a $66,000 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 $19,047 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 $31,680 cash per year. c. Prepare an income statement, a balance sheet, and a statement of cash flows for each of the four years. Complete this question by entering your answers in the tabs below. Reg Cinc Stmt Reg C Bal Sheet Reg C Stmt of Cash Flows Prepare the income statement for each of the four years. (Round your answers to the nearest whole dollar amount.) BROWN CO Income Statement For the Year Ended December 31 Year 1 Year 2 Year 3 Year 4 Reina mi ReqC Bal Sheet > Required information [The following information applies to the questions displayed below.) On January 1, Year 1, Brown Co. borrowed cash from First Bank by issuing a $66,000 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 $19,047 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 $31,680 cash per year. c. Prepare an income statement, a balance sheet, and a statement of cash flows for each of the four years. Complete this question by entering your answers in the tabs below. Reg C Inc Stmt Reg C Bal Sheet Reg C Stmt of Cash Flows Prepare the balance sheet for each of the four years. (Round your answers to the nearest whole dollar amount.) BROWN CO. Balance Sheet As of December 31 Year 1 Year 2 Year 3 Year 4 Assets Total assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Required information [The following information applies to the questions displayed below.) On January 1. Year 1, Brown Co. borrowed cash from First Bank by issuing a $66,000 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 $19,047 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 $31,680 cash per year. c. Prepare an income statement, a balance sheet, and a statement of cash flows for each of the four years. Complete this question by entering your answers in the tabs below. Req Cinc Stmt Reg C Bal Sheet Req C Stmt of Cash Flows Prepare the statement of cash flows for each of the four years. (Round your answers to the nearest whole dollar amount. Cash outflows should be indicated with a minus sign.) BROWN CO. Statement of Cash Flows For the Year Ended December 31 Year 2 Year 3 Year 4 Cash flows from operating activities Year 1 Net cash flow from operating activities Cash flows from investing activities Net cash flows from investing activities Cash flows from financing activities Net cash flows from financing activities Net change in cash Ending cash balance