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On January 1, Year 1, Brown Company borrowed cash from First Bank by issuing a $59,500 face value, four-year term note that had an 6

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On January 1, Year 1, Brown Company borrowed cash from First Bank by issuing a $59,500 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 $17,171 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 $30,345 cash per year. c. Prepare an income statement, a balance sheet, and a statement of cash flows for each of the four years

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