The following transactions apply to Marque Co. for 2008, its first year of operations.

1. Received \($30,000\) cash in exchange for issuance of common stock.

2. Secured a \($100,000,\) 10-year installment loan from First Bank. The interest rate was 6 percent and annual payments are \($13,587\) .

3. Purchased land for \($20,000\) .

4. Provided services for \($85,000\) cash.

5. Paid other operating expenses of \($34,000\) .

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 2008.

c. What is the interest expense for 2009? 2010?