On January 1, Year 1, Brown Company borrowed cash from First Bank by issuing a $102,000 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 $30,113 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 $54,000 cash per year.

Prepare 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 closing entries. Round your intermediate calculations and final answers to the nearest dollar amounts.)