Problem 6-3 15 points Monymony Inc. began operations when it acquired $450,000 cash from the issue of common stock on January 1, 2016. The cash acquired was immediately used to purchase equipment for $450,000 that had a $90,000 salvage value and an expected useful life of four years. The equipment was used to produce the following revenue stream (assume all revenue transactions are for cash). At the beginning of the fifth year, the equipment was sold for $45,000 cash. Monymony Inc. uses straight-line depreciation. Assume depreciation is the only expense to record. 2016 84,000 $ 2017 92,000 $ 2018 96,000 $ 2019 78,000 2020 0 Revenue $ REQUIRED Prepare income statements, balance sheets, and statements of cash flows for each of the five years. Students may want to utilize a horizontal model for each year to organize transactions and verify numbers for financial statements Problem 6-3 15 points Monymony Inc. began operations when it acquired $450,000 cash from the issue of common stock on January 1, 2016. The cash acquired was immediately used to purchase equipment for $450,000 that had a $90,000 salvage value and an expected useful life of four years. The equipment was used to produce the following revenue stream (assume all revenue transactions are for cash). At the beginning of the fifth year, the equipment was sold for $45,000 cash. Monymony Inc. uses straight-line depreciation. Assume depreciation is the only expense to record. 2016 84,000 $ 2017 92,000 $ 2018 96,000 $ 2019 78,000 2020 0 Revenue $ REQUIRED Prepare income statements, balance sheets, and statements of cash flows for each of the five years. Students may want to utilize a horizontal model for each year to organize transactions and verify numbers for financial statements