On January 1, Year 1, Brown Company borrowed cash from First Bank by issuing a $118,000 face-value, four-year term note that had an 7 percent annual interest rate. The note is to be repaid by making annual cash payments of $34,837 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 $70,000 cash per year. Required a. Prepare an amortization schedule for the four-year period. (Round intermediate calculations to nearest dollar amount. Round your answers to the nearest dollar amount.) 
b. Prepare an income statement, balance sheet, and statement of cash flows for each of the four years. Rent revenue is collected in cash at the end of each year. (Hint: Record the transactions for each year in T-accounts before preparing the financial statements.) 
EXTRA INFORMATION FOR THE EXPERT: -This question has two parts to it: A and B which is why i included requirement A. It purely for your reference if needed, and requirement A is already completed and 100% correct. -For requirement B1: the far left and far right side of the table where you see the cells with "1/1" in them is a drop-down menu with the options "1/1", "12/31". and "cl". These are also part of the answer. If you do not feel like imputting those, you do not have to- I will figure that part out if need be. The cells highlighted in blue are the only cells that need to be answered/filled. -For requirement B2: Some of these cells are filled out, but i do not know if they are correct. Please let me know if they are. -For requirement B3: This is the same thing, all the blue highlighted cells must be filled. The far left row are cells with a drop-down menu that has options for the names of each transaction of money, so please be sure to include the transaction names (ex: cash, land, bonds payable). -For requirement B4:The same instructions as B3, just the cash flow statement. I know this question is a bit longer than normal, but I would ask that you please fill all of it out except for Part A and do it in the same format as the tables provided. Thank you :)
Required a. Prepare an amortization schedule for the four-year period. (Round intermediate calculations to nearest dollar amount. Round your answers to the nearest dollar amount.) repare T-accounts for each of the four years. Rent revenue is collected in cash at the end of each year. (Select "cl" for all the clos termediate calculations and final answers to the nearest dollar amounts.) \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Notes Payable } & \\ \hline Year 1 & & & 1/1 \\ \hline 1/1 & & & 1/1 \\ \hline 1/1 & & & \\ \hline Ending Balance & & & \\ \hline Year 2 & & & 1/1 \\ \hline 1/1 & & 1/1 \\ \hline 1/1 & & \\ \hline Ending Balance & & & \\ \hline Year 3 & & & 1/1 \\ \hline 1/1 & & 1/1 \\ \hline 1/1 & & & \\ \hline Ending Balance & & & \\ \hline Year 4 & & & 1/1 \\ \hline 1/1 & & & \\ \hline 1/1 & & & \\ \hline Ending Balance & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l} \hline \multicolumn{3}{|c|}{ Retained Earnings } \\ \hline Year 1 & & & \\ \hline 1/1 & & & 1/1 \\ \hline 1/1 & & & 1/1 \\ \hline Ending Balance & & & \\ \hline Year 2 & & & 1/1 \\ \hline 1/1 & & & 1/1 \\ \hline 1/1 & & & \\ \hline Ending Balance & & & 1/1 \\ \hline Year 3 & & & 1/1 \\ \hline 1/1 & & & \\ \hline 1/1 & & & 1/1 \\ \hline Ending Balance & & & 1/1 \\ \hline Year 4 & & & \\ \hline 1/1 & & & \\ \hline 1/1 & & & \\ \hline Ending Balance & & & \\ \hline & & & \\ \hline \end{tabular} Prepare an income statement for each of the four years. (Round your intermediate calculations and final answers to the nearest dollar amounts.) Prepare a balance sheet for each of the four years. (Round your intermediate calculations and final answers to the nearest dollar amounts.) Complete this question by entering your answers in the tabs below. Prepare a statement of cash flows for each of the four years. (Round your intermediate calculations and final answers to the nearest dollar amounts. Enter cash outflows with a minus sign.) Required a. Prepare an amortization schedule for the four-year period. (Round intermediate calculations to nearest dollar amount. Round your answers to the nearest dollar amount.) repare T-accounts for each of the four years. Rent revenue is collected in cash at the end of each year. (Select "cl" for all the clos termediate calculations and final answers to the nearest dollar amounts.) \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Notes Payable } & \\ \hline Year 1 & & & 1/1 \\ \hline 1/1 & & & 1/1 \\ \hline 1/1 & & & \\ \hline Ending Balance & & & \\ \hline Year 2 & & & 1/1 \\ \hline 1/1 & & 1/1 \\ \hline 1/1 & & \\ \hline Ending Balance & & & \\ \hline Year 3 & & & 1/1 \\ \hline 1/1 & & 1/1 \\ \hline 1/1 & & & \\ \hline Ending Balance & & & \\ \hline Year 4 & & & 1/1 \\ \hline 1/1 & & & \\ \hline 1/1 & & & \\ \hline Ending Balance & & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l} \hline \multicolumn{3}{|c|}{ Retained Earnings } \\ \hline Year 1 & & & \\ \hline 1/1 & & & 1/1 \\ \hline 1/1 & & & 1/1 \\ \hline Ending Balance & & & \\ \hline Year 2 & & & 1/1 \\ \hline 1/1 & & & 1/1 \\ \hline 1/1 & & & \\ \hline Ending Balance & & & 1/1 \\ \hline Year 3 & & & 1/1 \\ \hline 1/1 & & & \\ \hline 1/1 & & & 1/1 \\ \hline Ending Balance & & & 1/1 \\ \hline Year 4 & & & \\ \hline 1/1 & & & \\ \hline 1/1 & & & \\ \hline Ending Balance & & & \\ \hline & & & \\ \hline \end{tabular} Prepare an income statement for each of the four years. (Round your intermediate calculations and final answers to the nearest dollar amounts.) Prepare a balance sheet for each of the four years. (Round your intermediate calculations and final answers to the nearest dollar amounts.) Complete this question by entering your answers in the tabs below. Prepare a statement of cash flows for each of the four years. (Round your intermediate calculations and final answers to the nearest dollar amounts. Enter cash outflows with a minus sign.)
