Problem 6-3 Milner Inc. began operations when it acquired on January 1, 2016. The cash acquired was immediately used to purchase equipment for that had a used to produce the following revenue stream (assume all revenue transactions are for cash). At the beginning of the fifth year, the equipment was sold for $315,000 cash from the issue of common stock $315,000 $63,000 salvage value and an expected useful life of four years. The equipment was S31,500 cash. Milner Inc. uses straight-line depreciation. Asssume depreciation is the only expense to record. 2016 2017 2018 67,200 $ 2019 54,600 2020 Revenue 58,800 S 64,400 REQUIRED Prepare income statements, balance sheets, and statements of cash flows for each of the five years. Students may want to utilize a horizontal model for each year to organize transactions and verify numbers for financial statements