Required information [The following information applies to the questions displayed below.] Doyle Company issued $460,000 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 $58,000 of cash revenue, which was collected on December 31 of each year, beginning December 31 , Year 1 . DOYLE COMPANY Effect of Events on the Accounting Equation DOYLE COMPANY Income Statements For the Year Ended December 31 a. Organize the transaction data in accounts under the accounting equation for Year 1 and Year 2. (Enter any decreases to account. balances with a minus sign. If there is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells will require entry.) Prepare the income statement, balance sheet, and statement of cash flows for Year 1 and Year 2. Complete this question by entering your answers in the tabs below. Prepare the income statement for Year 1 and Year 2. DOYLE COMPANY Statement of Cash Flows For the Year Ended December 31 Required information [The following information applies to the questions displayed below] Doyle Company issued $460,000 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 $58,000 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 1