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[The following information applies to the questions displayed below.] Doyle Company issued $239,000 of 10-year, 6 percent bonds on January 1, Year 1. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $46,000 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 1.

b. Prepare the income statement, balance sheet, and statement of cash flows for Year 1 and Year 2.

Prepare the income statement for Year 1 and Year 2. (Amounts to be deducted and net loss amount should be indicated with minus sign.)

DOYLE COMPANY
Income Statements
For the Year Ended December 31
	Year 1	Year 2

Prepare the balance sheet for Year 1 and Year 2.

DOYLE COMPANY
Balance Sheets
For the Year Ended December 31
	Year 1	Year 2
Assets
Total assets
Liabilities
Stockholder's equity
Total stockholder's equity
Total liabilities and stockholders' equity

Prepare the statement of cash flows for Year 1 and Year 2. (Cash outflows should be indicated with a minus sign.)

DOYLE COMPANY
Statements of Cash Flows
For the Year Ended December 31
	Year 1	Year 2
Cash flows from operating activities:
Net cash flow from operating activities
Cash flows from investing activities:
Cash flows from financing activities:
Net change in cash
Ending cash balance