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Boyd Company has a line of credit with State Bank. Boyd can borrow up to $590,000 at any time over the course of the Year 1 calendar year. The following table shows the prime rate expressed as an annual percentage along with the amounts borrowed and repaid during Year 1. Boyd agreed to pay interest at an annual rate equal to 1 percent above the bank's prime rate. Funds are borrowed or repaid on the first day of each month. Interest is payable in cash on the last day of the month. The interest rate is applied to the outstanding monthly balance. For example, Boyd pays 7 percent (6 percent + 1 percent) annual interest on $90,000 for the month of January. Prime Rate for the Amount Borrowed or (Repaid) Month Month January February 6% March $ 90,000 66,000 (54,000) No change 7 April through October No change 7 November (39,000) December (27,000) 6 Boyd earned $44,000 of cash revenue during Year 1. Required Prepare an income statement, balance sheet, and statement of cash flows for Year 1. Complete this question by entering your answers in the tabs below. Income Balance Sheet Cash Flows Statement Prepare an income statement for Year 1. (Do not round intermediate calculations.) BOYD COMPANY Income Statement For the Year Ended December 31, Year 1 $ Balance Sheet > Expenses Boyd Company has a line of credit with State Bank. Boyd can borrow up to $590,000 at any time over the course of the Year 1 calendar year. The following table shows the prime rate expressed as an annual percentage along with the amounts borrowed and repaid during Year 1. Boyd agreed to pay interest at an annual rate equal to 1 percent above the bank's prime rate. Funds are borrowed or repaid on the first day of each month. Interest is payable in cash on the last day of the month. The interest rate is applied to the outstanding monthly balance. For example, Boyd pays 7 percent (6 percent + 1 percent) annual interest on $90,000 for the month of January. Prime Rate for the Amount Borrowed or (Repaid) Month Month January 6% February 6 March 7 April through October $ 90,000 66,000 (54,000) No change (39,000) (27,000) No change. November 7 December 6 Boyd earned $44,000 of cash revenue during Year 1. Required Prepare an income statement, balance sheet, and statement of cash flows for Year 1. Complete this question by entering your answers in the tabs below. Income Balance Sheet Cash Flows Statement Prepare a balance sheet for Year 1. (Do not round intermediate calculations.) BOYD COMPANY Balance Sheet As of December 31, Year 1 Assets Cash Total Assets $ 0 Liabilities Stockholders' Equity Common stock Total Stockholders' Equity Total Liabilities and Stockholders' Equity