Required information The following information applies to the questions displayed below.) Doyle Company issued $370,000 of 10-year, 5 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 $66,000 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. (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 Lease revenue $ 66,000 $ Pinterest expense (18,500)| Net income Year 2 66,000 (18,500) DOYLE COMPANY Balance Sheets For the Year Ended December 31 Year 1 Year 2 Assets Cash Land | $ 0 $ 0 Total assets Liabilities Bonds payable Stockholder's equity Common stock Retained earnings 0 Total stockholder's equity Total liab, and stockholders' equity 0 0 $ DOYLE COMPANY Statements of Cash Flows For the Year Ended December 31 Year 1 Cash flows from operating activities: Receipts from revenue Paid for interest Year 2 . 0 0 Net cash flow from operating act. Cash flows from investing activities: Paid to purchase land Cash flows from financing activities: Proceeds from bond issue Net change in cash Plus: Beginning cash balance Ending cash balance $ 0 $ 0