Exercise $10-6$A $($Algo$)$ Two accounting cycles for bonds issued at face value LO $10-3$

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Doyle Company issued $$490,000$ of $10-$year, $9$ percent bonds on January $1,$ Year $2.$ The bonds were issued at face value. Interest is payable in cash on December $31$ of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $$55,000$ of cash revenue, which was collected on December $31$ of each year, beginning December $31,$ Year $2.$

Exercise $10-6$A $($Algo$)$ Part b

b$.$ Prepare the income statement, balance sheet, and statement of cash flows for Year $2$ and Year $3.$

Complete this question by entering your answers in the tabs below.

Income Statement

Balance Sheet

Statement of Cash Flows

Prepare the income statement for Year $2$ and Year $3.$

$\backslash$table$[[$DOYLE COMPANY,$],[$Income Statements,$],[$For the Year Ended December $31,],[,$Year $2,$Year $3],[$Lease revenue,,$],[$Interest expense,,$],[$Net income,,$]]$