Required information [The following information applies to the questions displayed below) On January 1, Year 1, Brown Company borrowed cash from First Bank by issuing a $117.000 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 $35,325 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 $69,000 cash per year. b. Prepare an income statement, balance sheet, and statement of cash flows for each of the four years. Rent revenue is collected in cash at the end of each year. (Hint: Record the transactions for each year in T-accounts before preparing the financial statements.) Complete this question by entering your answers in the tabs below. 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 entries. Round your Intermediate calculations and final answers to the nearest dollar amounts.) Cash Land Year Year 1 Ending Balance Ending Balance Year 2 Ending Balance Your Ending Balance Year 4 Ending wance Required information Notes Payable Retained Earnings Year 1 Year 1 Ending Balance Year 2 Ending Balance Year 2 Ending Balance Year 3 Ending Balance Year 3 Ending Balance Year 4 Ending Balance Year 4 Ending Balance Ending Balance Rent Revenue Interest Expense Year 1 Year 1 Ending Balance Year 2 Ending Balance Year 2 a Complete this question by entering your answers in the tabs below. Reg 01 Req B2 Req B3 Req B4 Prepare an income statement for each of the four years. (Round your intermediate calculations and final answers to the nearest dollar amounts.) BROWN COMPANY Income Statements For the Year Ended December 31 Year1 Year 2 Year Year 4 $ OS 05 05 O Reg 1 Reg 83 > Reg 81 Reg B2 Reg B3 Reg 34 Prepare a balance sheet for each of the four years. (Round your intermediate calculations and final answers to the nearest dollar amounts.) BROWN COMPANY Balance Sheets As of December 31 Year 1 Year 2 Years Year Assets $ OS Totalt Liabilities os os 0 Stockholders equity Totallaties and stockholders equity 5 05 05 os Reg 2 Reg 4 > Prepare a statement of cash flows for each of the four years. (Round your intermediate calculations and final answers to the nearest dollar amounts. Enter cash outflows with a minus sign) BROWN COMPANY Statements of Cash Flows For the Year Ended December 31 Year 1 Year 2 Year 3 Year 4 Cash flows from operating activities Net cash flow from operating activities Cashows from investing activities 0 0 0 Not cash flow from investing activities Cash flows from financing activities o 0 Netcash flow from financing activities Not change in cash O Ending cash balance $ 0 5 OS os O Required information [The following information applies to the questions displayed below) On January 1, Year 1, Brown Company borrowed cash from First Bank by issuing a $117.000 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 $35,325 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 $69,000 cash per year. b. Prepare an income statement, balance sheet, and statement of cash flows for each of the four years. Rent revenue is collected in cash at the end of each year. (Hint: Record the transactions for each year in T-accounts before preparing the financial statements.) Complete this question by entering your answers in the tabs below. 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 entries. Round your Intermediate calculations and final answers to the nearest dollar amounts.) Cash Land Year Year 1 Ending Balance Ending Balance Year 2 Ending Balance Your Ending Balance Year 4 Ending wance Required information Notes Payable Retained Earnings Year 1 Year 1 Ending Balance Year 2 Ending Balance Year 2 Ending Balance Year 3 Ending Balance Year 3 Ending Balance Year 4 Ending Balance Year 4 Ending Balance Ending Balance Rent Revenue Interest Expense Year 1 Year 1 Ending Balance Year 2 Ending Balance Year 2 a Complete this question by entering your answers in the tabs below. Reg 01 Req B2 Req B3 Req B4 Prepare an income statement for each of the four years. (Round your intermediate calculations and final answers to the nearest dollar amounts.) BROWN COMPANY Income Statements For the Year Ended December 31 Year1 Year 2 Year Year 4 $ OS 05 05 O Reg 1 Reg 83 > Reg 81 Reg B2 Reg B3 Reg 34 Prepare a balance sheet for each of the four years. (Round your intermediate calculations and final answers to the nearest dollar amounts.) BROWN COMPANY Balance Sheets As of December 31 Year 1 Year 2 Years Year Assets $ OS Totalt Liabilities os os 0 Stockholders equity Totallaties and stockholders equity 5 05 05 os Reg 2 Reg 4 > Prepare a statement of cash flows for each of the four years. (Round your intermediate calculations and final answers to the nearest dollar amounts. Enter cash outflows with a minus sign) BROWN COMPANY Statements of Cash Flows For the Year Ended December 31 Year 1 Year 2 Year 3 Year 4 Cash flows from operating activities Net cash flow from operating activities Cashows from investing activities 0 0 0 Not cash flow from investing activities Cash flows from financing activities o 0 Netcash flow from financing activities Not change in cash O Ending cash balance $ 0 5 OS os O
