The following transactions apply to Pecan Co. for 2018, its first year of operations 1. Received $32,000 cash in exchange for Issuance of common stock 2. Secured a $117.000 ten-year Installment loan from State Bank. The Interest rate is 6 percent and annual payments are $15,588. 3. Purchased land for $23.000 4. Provided services for $80,000. 5. Pald other operating expenses of $34.000. 6. Pald the annual payment on the loan Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare an Income statement and balance sheet for 2018. What is the Interest expense for 2019 2020? es Complete this question by entering your answers in the tabs below. Red A Req B Inc Sumt Reg B Bal Sheet Reg d Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. If there is no effect on the Accounts Titles / Retained Earnings, leave the cell blank.) Assets PECAN COMPANY Effect of Events on the Accounting Equation Liabilities Stockholders Equity Note Common Retained Land Payable Stock Earnings Event No. Accounts Titles / Retained Earnings Cash 2018 1. 2 > 3 4 5. 8. Bal. + + + 0 Ole 0 Reg B Ine Stmt > The following transactions apply to Pecan Co. for 2018, its first year of operations: 1. Received $32,000 cash in exchange for Issuance of common stock. 2 Secured a $117.000 ten-year Installment loan from State Bank. The Interest rate is 6 percent and annual payments are $15,588. 3. Purchased land for $23,000, 4. Provided services for $80,000. 5. Pald other operating expenses of $34.000. 6. Pald the annual payment on the loan. Required a. Organize the transaction data in accounts under an accounting equation b. Prepare an Income statement and balance sheet for 2018 c. What is the Interest expense for 2019 2020? Complete this question by entering your answers in the tabs below. Reg A Reque Stmt Reg B Bal Sheet Red Prepare an income statement for 2018. PECAN COMPANY Income Statement For the Year Ended December 31, 2018 Non-operating items Problem 7-31 Accounting for an Installment note payable LO 7-5 The following transactions apply to Pecan Co. for 2018, its first year of operatione 1 Received $32,000 cash in exchange for Issuance of common stock. 2. Secured a $17,000 ten-year Installment loan from State Bank. The Interest rate is 6 percent and annual payments are $15,588. 3. Purchased land for $23,000. 4. Provided services for $80,000 5. Pald other operating expenses of $34.000. 6. Pald the annual payment on the loan. Required a. Organize the transaction data in accounts under an accounting equation b. Prepare an Income statement and balance sheet for 2018. c. What is the Interest expense for 2019 2020 Complete this question by entering your answers in the tabs below. RA a B Inc Stml RAG B Bal Sh Rur Prepare a balance sheet for 2018. PECAN COMPANY Balance Sheat Ac of Dovember 31, 2015 Accotc Total acts Liabilities Total habe Stookholders' Equity Total stochody Totadbitan todos Rolne im Roge> The following transactions apply to Pecan Co. for 2018. its first year of operations: 1. Received $32,000 cash in exchange for issuance of common stock 2. Secured a $117.000 ten-year installment loan from State Bank. The interest rate is 6 percent and annual payments are $15,588. 3. Purchased land for $23.000 4. Provided services for $80,000 5. Paid other operating expenses of $34.000. 6. Paid the annual payment on the loan. Required ces a. Organize the transaction data in accounts under an accounting equation b. Prepare an income statement and balance sheet for 2018 c. What is the interest expense for 2019 2020? Complete this question by entering your answers in the tabs below. Req A Req B Inc Stmt Reg B Bal Sheet Req What is the interest expense for 2019 and 2020? (Round your answers to the nearest whole dollar amount.) 2019 2020 Interest expense