Required information Problem 10-26A (Algo) Effect of an installment note on financial statements LO 10-1 [The...

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Required information Problem 10-26A (Algo) Effect of an installment note on financial statements LO 10-1 [The following information applies to the questions displayed below.] On January 1, Year 1, Brown Company borrowed cash from First Bank by issuing a $102,000 face-value, four-year term note that had an 7 percent annual interest rate. The note is to be repaid by making annual cash payments of $30,113 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $54,000 cash per year. Problem 10-26A (Algo) Part b b. Prepare an income statement, balance sheet, and statement of cash flows for each of the four years. Rent revenue is collected in cash at the end of each year. (Hint: Record the transactions for each year in T-accounts before preparing the financial statements.) Complete this question by entering your answers in the tabs below. Req B1 Req 82 Req 831 Req 84 Prepare T-accounts for each of the four years. Rent revenue is collected in cash at the end of each year. (Select "cl" for all the closing entries, Round Intermediate calculations and final answers to the nearest dollar amounts.) Year 1 Cash Year 11 Ending Balance Land Req B1 Req B2 Req B3 Req B4 Prepare T-accounts for each of the four years. Rent revenue is collected in cash at the end of each year. (Select "cl" for all the closing entries. intermediate calculations and final answers to the nearest dollar amounts.) Year 1 Ending Balance Year 2 Ending Balance Year 3 Ending Balance Year 4 Cash Ending Balance Notes Payable < Previ Year 1 Ending Balance V Land Retained Earnings S 2 of 2 Next Notes Payable Retained Earnings Year 1 Year 1 Ending Balance Year 21 Ending Balance Year 3 Ending Balance Year 4 Ending Balance Year 1 Ending Balance Year 21 Ending Balance Year 2 Ending Balance Year 3 Ending Balance Year 41 Ending Balance Rent Revenue Year 1 Ending Balance Year 2 Interest Expense Required information Problem 10-26A (Algo) Effect of an installment note on financial statements LO 10-1 [The following information applies to the questions displayed below.] On January 1, Year 1, Brown Company borrowed cash from First Bank by issuing a $102,000 face-value, four-year term note that had an 7 percent annual interest rate. The note is to be repaid by making annual cash payments of $30,113 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $54,000 cash per year. Problem 10-26A (Algo) Part b b. Prepare an income statement, balance sheet, and statement of cash flows for each of the four years. Rent revenue is collected in cash at the end of each year. (Hint: Record the transactions for each year in T-accounts before preparing the financial statements.) Complete this question by entering your answers in the tabs below. Req B1 Req 82 Req 831 Req 84 Prepare T-accounts for each of the four years. Rent revenue is collected in cash at the end of each year. (Select "cl" for all the closing entries, Round Intermediate calculations and final answers to the nearest dollar amounts.) Year 1 Cash Year 11 Ending Balance Land Req B1 Req B2 Req B3 Req B4 Prepare T-accounts for each of the four years. Rent revenue is collected in cash at the end of each year. (Select "cl" for all the closing entries. intermediate calculations and final answers to the nearest dollar amounts.) Year 1 Ending Balance Year 2 Ending Balance Year 3 Ending Balance Year 4 Cash Ending Balance Notes Payable < Previ Year 1 Ending Balance V Land Retained Earnings S 2 of 2 Next Notes Payable Retained Earnings Year 1 Year 1 Ending Balance Year 21 Ending Balance Year 3 Ending Balance Year 4 Ending Balance Year 1 Ending Balance Year 21 Ending Balance Year 2 Ending Balance Year 3 Ending Balance Year 41 Ending Balance Rent Revenue Year 1 Ending Balance Year 2 Interest Expense