[The following information applies to the questions displayed below.] On January 1, Year 1, Brown Company borrowed cash from First Bank by issuing a $106,000 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 $31,294 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 $58,000 cash per year. b. Prepare an income statement and balance sheetfor 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.) 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 intermediate calculations and final answers to the nearest dollar amounts.) Year 1 Ending Balance Year 2 Ending Balance Year 31 Ending Balance Year 4 Ending Balance Cash Year 1 Ending Balance Land Notes Payable Retained Earnings Year 1 Year 11 Ending Balance Year 2 Ending Balance Year 2 Ending Balance. Year 31 Ending Balance Year 3 Ending Balance Year 41 Ending Balance Year 4 Ending Balance Ending Balance Rent Revenue Interest Expense. Year 11 Year 1 Ending Balance Year 2 Ending Balance Year 2 Ending Balance Year 31 Ending Balance: Year 31 Ending Balance Year 4 Ending Balance Year 41 Ending Balance Ending Balance 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 Year 1 Year 2 Year 3 Year 4 $ 0 $ 0 $ 0 $ 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 Assets Total assets Liabilities Stockholders' equity Year 1 Year 2 Year 3 Year 4 $ 0 $ 0 $ 0 $ Total liabilities and stockholders' equity $ 0 $ $ 0