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A partial amortization schedule for a 10-year note payable issued on January 1, Year 1, is shown next: a. Using a financial statements model, fecord the appropriate amounts for the following two events: (i) January 1, Year 1, issue of the note payable. (2) December 31, Year 1 payment on the note payable. b. If the company earned $70,000 cash revenue and paid $49,000 in cash expenses in addition to the interest in Year 1 , what is the amount of each of the following? (1) Net income for Year 1. (2) Cash flow from operating activities for Year 1 (3) Cash flow from financing octivities for Year 1. c. What is the amount of interest expense on this loan for Year 4? Complete this question by entering your answers in the tabs below. Using a financial statements model, record the appropriate amounts for the following two events: (1) January 1, Year 1, Issue of the ne on the note payabie. Note: in the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing activity (IA), or financl Amounts to be deducted and cash oufflows should be indicated with e minus sign. Complete this question by entering your answers in the tabs below. Using a financial statements model, record the appropriate amounts for the following two events: (1) January 2, Year 1, issue of the not on the note payable. Note: In the Statement of Cash flows column, indicate whether the item is an operating activity (OA), investing activity (LA), or financin Amounts to be deducted and cash outflows should be indicated with a minus sign. Complete this question by entering your answers in the tabs below. If the company earned $70,000 cash revenue and paid $49,000 in cash expenses in addition to the interest in the amount of Net income for Year 1 ? the amount of each of the following? (1) Net income for Year 1 . (2) Cash flow from operating activities for Year 1. (3) Cash flow from financing activities for Year 1. c. What is the amount of interest expense on this loan for Year 4? Complete this question by entering your answers in the tabs below. If the company earned $70,000 cash revenue and pald $49,000 in cash expenses in oddition to the interest in Year 1 , what is the amount of Cash flow from operating activities for Year 1 ? Note Amounts to be deducted and cash outflows should be indicated with minus sign. the amount of each of the following? (1) Net income for Year 1. (2) Cash flow from operating activities for Year 1 . (3) Cash flow from financing activities for Year 1. c. What is the amount of interest expense on this loan for Year 4 ? Complete this question by entering your answers in the tabs below. If the company earned $70,000 cash revenue and paid $49,000 in cash expenses in addition to the intere the amount of Cash flow from financing activities for Year 1 ? Note: Amounts to be deducted should be indicated with minus sign. Required a. Using a financial statements model, record the appropriate amounts for the following two events: (1) January 1, Year 1, issue of the note payable. (2) December 31, Year 1, payment on the note payable. b. If the company earned $70,000 cash revenue and paid $49,000 in cash expenses in addition to the inter the amount of each of the following? (1) Net income for Year 1. (2) Cash flow from operating activities for Year 1. (3) Cash flow from financing activities for Year 1. c. What is the amount of interest expense on this loan for Year 4? Complete this question by entering your answers in the tabs below. What is the amount of interest expense on this loan for Year 4 ? Note: Round your answer to the nearest dollar amount. in cash annually on December 31 . The straight-line method is used for amcrtization. Required a. Use in fincial statements model to demenstrate how (1) the Januacy 1, Year 2 , bond issue and D) the December 31, Yoar 2 . recepnition of interest expense, including the amortization of the premium and the cash poymeot, affects the compary/s financial statements. b. Determine the carrying value sface value less discount or plus premiumy or the bend liability as of December 31 . Year 2 . c. Dutermine the amount of interest expense feported on the Yoar 2 income statement d. Determine the carrying value of the bond kability as of December 34 , Year 3 e. Determine the amount of interest expense roported on the Year 3 income statement. Complete this question by entering your answers in the tabs below. Use a financial statements model to demenstrate Now (1) the Januacy 1, Year 2, Bond issue and (2) the December 31, Year 2, recoghit interest expense, including the amortization of the premium and the cash payment, affects the company's financiat itatements. Note- ise + for increase or - for decrease. In the Statement of Cash Flows column, wa the initials OA to desionate operating activity. investing activity, and FA for financing activity. Not all cells require input. Complete this question by entering your answers in the tabs below. Use a financial statements model to demonstrate how (1) the January 1, Year 2, bond issue and (2) the December 31, Year 2 , recoc interest expense, including the amortization of the premium and the cash payment, affects the company's financial statements. Note: Use + for increase or - for decrease. In the Statement of Cash. Flows column, use the initials OA to designate operating activi investing activity, and FA for financing activity. Not all celis require input. D. Determine the carrying value (face value less discount or plus premium) of the Dond liability as of December c. Determine the amount of interest expense reported on the Year 2 income statement. d. Determine the carrying value of the bond liability as of December 31, Year 3. e. Determine the amount of interest expense reported on the Year 3 income statement. Complete this question by entering your answers in the tabs below. Determine the carrying value (face value less discount or plus premium) of the bond liability as of December 31 , Determine the amount of interest expense reported on the Year 2 income statement. Determine the carrying value of the bond liability as of December 31 , Year 3. Determine the amount of interest expense reported on the Year 3 income statement