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On January 1, Year 1, Brown Company borrowed cash from First Bank by issuing a $115,000 face-value, four-year term note that had an 8 percent

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On January 1, Year 1, Brown Company borrowed cash from First Bank by issuing a $115,000 face-value, four-year term note that had an 8 percent annual interest rate. The note is to be repaid by making annual cash payments of $34,721 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 $67,000 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.) 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 ent! intermediate calculations and final answers to the nearest dollar amounts.) 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.)

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