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. 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.) B1: Prepare T-Accounts: the blue-highlighted far left and far-right cells of each entry box has a drop down menu with the options for "1/1", "12/31", and "cl". (Round your intermediate calculations and final answers to the nearest dollar amounts.) B2: Prepare an income statement for each of the four years.(Round your intermediate calculations and final answers to the nearest dollar amounts.) B3: Prepare a balance sheet for each of the four years (Round your intermediate calculations and final answers to the nearest dollar amounts.) 89 B4: Prepare a statement of cash flows for each of the four years. (Round your intermediate calculations and final answers to the nearest dollar amounts.)

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 closi intermediate calculations and final answers to the nearest dollar amounts.) 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.) Complete this question by entering your answers in the tabs below. Prepare an income statement for each of the four years. (Round your intermediate calculations and final answers to the nearest dollar amounts.) b. Prepare an income statement, balance sheet, and statement of cash flows for each of the four years. Rent revenue is collecte cash at the end of each year. (Hint: Record the transactions for each year in T-accounts before preparing the financial statements Complete this question by entering your answers in the tabs below. Prepare a balance sheet for each of the four years. (Round your intermediate calculations and final answers to the nearest dollar amounts.) b. Prepare an income statement, balance sheet, and statement of cash flows for each of the four years. Rent revenue is collected i cash at the end of each year. (Hint: Record the transactions for each year in T-accounts before preparing the financial statements.) 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.)