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b. Prepare an income statement, balance sheet, and statement of cash flows for the year. Complete this question by entering your answers in the tabs below. Prepare the statement of cash flows for the year. (Cash outflows should be indicated with a minus sign. Ro calculations and final answers to nearest whole dollar amount.) Mott Company has a line of credit with Bay Bank. Mott can borrow up to $400,000 at any time over the course of the calendar year. The following table shows the prime rate expressed as an annual percentage along with the amounts borrowed and repaid during the year. Mott 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, Mott pays 6 percent (5 percent +1 percent) annual interest on $60,000 for the month of January. Mott earned $25,000 of cash revenue during the year. Prepare an income statement, balance sheet, and statement of cash flows for the year. Complete this question by entering your answers in the tabs below. Prepare the income statement for the year. (Round intermediate calculations and final answers to nearest whole dollar amount.) o. Prepare an income statement, balance sheet, and statement of cash flows for the year. Complete this question by entering your answers in the tabs below. Prepare the balance sheet for the year. (Round intermediate calculations and final answers to near