A partial amortization schedule for a 10 year note payable Issued on January 1. Year 1, is shown next; Accounting Period Year 1 Year 2 Year Principal Balance January 1 $310,000 286,481 261,551 - Cash Payment $42,119 42,119 42,119 Applied to Interest $18,600 17,189 Applied to Principal $23,519 24,930 26,426 Required 6. 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 $84.000 cash revenue and paid $56,000 in cash expenses in addition to the Interest in Yeart, 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 activities for Year 1 c. What is the amount of Interest expense on this loan for Year 4? un Financial Statement Model Dant ferences Event No Income statement Balance Sheet Liabilities 310000 (23510 Stockholders Equity Revenue Expenses Statement of Cash Flows Assets 310.000 (42.119) Net Income . 18000 (18.600) 310 000 FA 418.000 123.51011 Required 1> the amount of Net income for Year 1? Book tint Print Revenue Expenses Cash Interest expense erences 0 Total expenses Net income 0 References Cash flows from operating activities Not cash flow from operating activities S 0 Sve vected should be indicated wit Cash flows from financing activities Net cash flow from financing activities $ 0