all 2023.... 1 2 Tools Window Help PS 2 Fall 2023.pdf Page 3 of 5 V Problem 6-3 zoom 2016 2017 Cash Revenue $ 54,600 $ 59,800 $ 15 points Gallup Inc. began operations when it acquired on January 1, 2016. The cash acquired was immediately used to purchase equipment for that had a $58,500 salvage value and an expected useful life of four years. The equipment was used to produce the following revenue stream (assume all revenue transactions are for cash). At the beginning of the fifth year, the equipment was sold for $29,250 cash. Gallup Inc. uses straight-line depreciation. Assume depreciation is the only expense to record. 2018 62,400 $ Q Search 2019 50,700 98 $292,500 cash from the issue of common stock $292,500 2020 0 Wed Nov 1 7:12 REQUIRED Prepare income statements, balance sheets, and statements of cash flows for each of the five years. Students may want to utilize a horizontal model for each year to organize transactions and verify numbers for financial statements