Record the transactions for each year in T-accounts

On January 1, Year 1, Brown Co. borrowed cash from First Bank by issuing a $103,000 face-value, four-year term note that had an 5 percent annual interest rate. The note is to be repaid by making annual cash payments of $29,047 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 $55,000 cash per year.

ash an Year 1 Year 1 End. Bal End. Bal Year 2 End. Bal Year 3 End. Bal Year 4 End. Bal Notes Payable Retained Earnings Year 1 Year 1 End. Bal End. Bal Year 2 Year 2 End. Bal End. Bal Year 3 Year 3 End. Bal End. Bal Year 4 Year 4 End. Bal End. Bal Rent Revenue Interest Expense Year 1 Year 1 End. Bal End. Bal Year 2 Year 2 End. Bal End. Bal Year 3 Year 3 End. Bal Year 4 End. Bal Year 4 End. Bal End. Bal