A partal amortization schedule for $a10-$year note payable with $a6$ percent Interest rate Issued $on$ January $1,$ Year $1,is$ shown next

Required

$a.$ Using a horizontal statements model, record the appropriate amounts for the following two events:

January $1,$ Year $1,$ Issue $of$ the note payable.

December $31,$ Year $1,$ payment $on$ the note payable.

$b.If$ the company earned $$62,000$ cash revenue and pald $$45,000in$ cash expenses $in$ addition $to$ the interest $in$ Year $1,$ what $is$ the

amount $of$ each $of$ the following?

Net Income for Year $1.$

Cash flow from operating activitles for Year $1.$

Cash flow from financing activitles 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.

Req $A$

Req $B2$

Req $83$

Req $C$

Using a horizontal 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.

Note: $In$ the Statement $of$ Cash Flows column, use the initials $OAto$ designate operating activity, $IA$ for investing activity, $FA$ for financing activity and leave blank $to$

indicate $no$ effect. Enter any decreases $to$ account balances and cash outflows with a minus sign.

$If$ the company earned $$62,000$ cash revenue and paid $$45,000in$ cash expenses $in$ addition $to$ the interest $in$ Year $1,$ what $is$

the amount $of$ net income for Year $1?$ Complete this question $by$ entering your answers $in$ the $tabs$ below.

Req $C$

$If$ the company earned $$62,000$ cash revenue and paid $$45,000in$ cash expenses $in$ addition $to$ the interest $in$ Year $1,$ what $is$

the amount $of$ cash flow from operating activities for Year $1?$

Note: Cash outflows should $be$ indicated with a minus sign. $If$ the company earned $$62,000$ cash revenue and paid $$45,000in$ cash expenses $in$ addition $to$ the interest $in$ Year $1,$ what $is$

the amount $of$ cash flow from financing activities for Year $1?$

Note: Cash outflows should $be$ indicated with a minus sign.What $is$ the amount $of$ interest expense $on$ this loan for Year $4?$

Note: $Do$ not round intermediate calculations. Round your answer $to$ the nearest dollar amount.

Interest expense

Req $B3$