Required information [The following information applies to the questions displayed below.] On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $68,500 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 $20,682 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 $32,195 cash per year. c. Prepare an income statement, a balance sheet, and a statement of cash flows for each of the four years. Complete this question by entering your answers in the tabs below. Reg C Inc Stmt Req C Bal Sheet Req C CF Stmt Prepare the income statement for each of the four years. (Round your answers to the nearest whole dollar amount.) BROWN CO. Income Statement For the Year Ended December 31 2018 2019 $ 32,195 $ 32,195 $ 5,480 $ 26,715 2020 2021 32,195 32,195 $ Rent revenue Interest expense Net income Req C Inc Stmt ReqC Bal Sheet > Complete this question by entering your answers in the tabs below. Req C Inc Stmt Req C Bal Sheet Req C CF Stmt Prepare the balance sheet for each of the four years. (Round your answers to the nearest whole dollar amount.) BROWN CO. Balance Sheet As of December 31 2018 2019 2020 2021 Assets Cash Land $ 0 $ 0 0 0 Total assets Liabilities Notes payable Total liabilities 0 0 0 0 Stockholders' Equity Req C Inc Stmt Reg C Bal Sheet Req C CF Stmt Prepare the statement of cash flows for each of the four years. (Round your answers to the nearest whole dollar amount. Amounts to be deducted should be indicated with a minus sign.) BROWN CO. Statement of Cash Flows For the Year Ended December 31 2018 2019 Cash flows from operating activities Inflow from rental $ 32,195 $ 32,195 Outflow for interest 2020 2021 32,195 32,195 32,195 32,195 32,195 32,195 Net cash flow from operating activities Cash flows from investing activities Outflow to purchase land 0 0 0 0 Net cash flows from investing activities Cash flows from financing activities 0 0 0 0 Net cash flows from financing activities Net change in cash 32,195 32,195 32,195 32,195 Ending cash balance $ 32,195 $ 32,195 32,195 32,195