Help Save & Exit Subm Check my work Problem 7-31 Accounting for an installment note payable LO 7-5 The following transactions apply to Pecan Co. for 2018, its first year of operations: 1. Received $39,000 cash in exchange for issuance of common stock. 2. Secured a $110,000 ten-year installment loan from State Bank. The interest rate is 5 percent and annual payments are $14,004. 3. Purchased land for $26.000 4. Provided services for $95,000. 5. Paid other operating expenses of $42,000. 6. Paid the annual payment on the loan. Required a. Organize the transaction data in accounts under an accounting equation. b. Prepare an income statement and balance sheet for 2018. c. What is the interest expense for 2019 2020? Complete this question by entering your answers in the tabs below. Reg A Reg B Inc Stmt Req B Bal Sheet Reqc Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a minus sign. If there is no effect on the Accounts Titles / Retained Earnings, leave the cell blank.)