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Required informetion Problem 10-26A (Algo) Effect of an installment note on financial statements LO 101 The following information applies to the questions displayed below] On

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Required informetion Problem 10-26A (Algo) Effect of an installment note on financial statements LO 101 The following information applies to the questions displayed below] On January 1, Year 1, Brown Company borrowed cash from First Bank by issuing a $102,000 face-value, four-year term note that had an 7 percent annual interest rate. The note is to be repaid by making annual cash payments of $30,113 that include both interest and principal on December 31 of each year. Brown used the proceeds from the foan to purchase land that generated rental revenues of $54.000 cash per year roblem 10-26A (Algo) Part b Prepare an income statement, balance sheet, and statement of cash flows for each of the four years. Rent revenue is collected in ash 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 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.) Prepare a statement of cash flows for each of the four years. (Round your intermetfide caiculations and final answers to the rearest doflar amounts, Enter eash outflows with a minus signi)

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