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Problem 7-31A (Algo) Accounting for an installment note payable LO 7-5 The following transactions apply to Pecan Co. for Year 1, its first year of operations 1. Received $33,000 cash in exchange for issuance of common stock 2. Secured a $114,000 ten-year installment loan from State Bank The interest rate is 5 percent and annual payments are $14,764 3. Purchased land for $20,000 4. Provided services for $80,000 5. Pald 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 Year 1 c. What is the interest expense for Year 2? Year 3? Reg A Req B Inc Stmt Reg B Bal Sheet Reqc Organize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with a min is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells will require entry) PECAN COMPANY Effect of Events on the Accounting Equation Assets Liabilities + Stockholders' Equity Event Account Titles for Retained No. Note Common Retained Cash Land Earnings Payable Stock Earnings Year 1 1. + . 2 3. 4 5 6. Bal Rega Req B Inc Stmt > Reg A Req B Inc Stmt Req B Bal Sheet Reqc Prepare an income statement for Year 1. PECAN COMPANY Income Statement For the Year Ended December 31, Year 1 Non-operating items: Prepare a balance sheet for Year + PECAN COMPANY Balance Sheet As of December 31, Year 1 Assets Total assets Liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Drau 1 Neyt Complete this question by entering your answers in the tabs below. Reqc Req A Reg B Inc Req B Bal Stmt Sheet What is the interest expense for Year 2? Year 3? (Round your answers to the nearest whole da Year 2 Year 3 Interest expense