The following transactions apply to Pecan Co, for Year 1. its first year of operations: 1. Received $37,000 cash in exchange for issuance of common stock. 2. Secured a $105,000 ten-year installment loan from State Bank. The interest rate is 6 percent and annual payments are $14,266, 3. Purchased land for $26,000. 4. Provided services for $115,000 5. Pald other operating expenses of $32,000. 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 Year 1. c. What is the interest expense for Year 2? Year 3? Complete this question by entering your answers in the tabs below. Reg A Req B Inc Stmt Reg B Bal Sheet Reqc 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 Account Titles for Retained Earnings, leave the cell blank. Not all cells will require entry) Assets PECAN COMPANY Effect of Events on the Accounting Equation - Liabilities + Stockholders' Equity Note Common Retained Payable Stock Earnings Event No. Cash Land Account Titles for Retained Earnings Complete this question by entering your answers in the tabs below. Rega Reg B Inc Reg B Bal Stmt Sheet Reqc Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. If ther is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells will require entry) PECAN COMPANY Effect of Events on the Accounting Equation Assets Liabilities Event Stockholders' Equity Account Titles for Retained No. Cash Land Common Retained Earnings Payable Stock Earings Year 1 1 Note 2 3 4 5 6 Bal ol 0 0+ RODA Req B Inc Stmt >