started business by acquiring $23,500 cash from the issue of common stock on January 1, Year 1. The cash acqulired was limmediately used to purchase equipment for $23,500 that had a $3,100 salvage value and an expected useful life of four years The equipment was used to produce the following revenue stream (assume that all beginning of the fifth year, the equipment was sold for $3,620 cash. Bensen uses straight-line depreciation. revenue revenue transactions are for cash). At the 7,420 7,920 8,120 6,920 0 Required Prepare income statements, statements of changes in stockholders' equity, balance sheets, and statements of cash flows for each of the five years. Complete this question by entering your answers in the tabs below. Stmt f Statement stkholders Eq Changes in Balance Sheet tatement of Cash Flows Prepare income statements for each of the five years. BENSEN COMPANY Income Statement For the Year Ended December 31 Year 2 Year 5 8,120 S 6,920 $ 7,420 7,920 $ nue 6,920 7,420 7,920 8,120 Gain/(Loss) 7,420 7,920 8,120 S 6,920S Revenue s 7.420 7,920 8,120 6,920 0 Required Prepare income statements, statements of changes in stockholders' equity, balance sheets, and stateme the five years. Complete this question by entering your answers in the tabs below. IncomeStmt of Statement Stkholders Eq Statement of Balance Sheet Cash Flows Changes in Prepare the statements of changes in stockholders' equity for each of the five years. BENSEN COMPANY Statement of Changes in Stockholders Equity For the Year Ended December 31 Year 1 Year 2 Year 3 Year 4 Year 5 0 0i Net income/(loss) 0 0 0 0 Total stockholders equity Required Prepare the five years. Income statements, statements of changes in stockholders' equity, balance sheets, and statements of cash Complete this question by entering your answers in the tabs below Stmt of Income Statement Stkholders Eq Statement of Cash Flows in Balance Sheet Prepare the balance sheets for each of the five years. (Amounts to be deducted should be indicated by a minus sign.) BENSEN COMPANY Balance Sheet Year 1 ear 2 Year 3 0 0 Total assets Stockholders' Equity Total stockholders' equity Statement of Cash Flows>