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Bensen Company began operations when it acquired $26,700 cashfrom the issue of common stock on January 1, 2018. The cashacquired was immediately used to purchase equipment for $26,700that had a $3,500 salvage value and an expected useful life of fouryears. The equipment was used to produce the following revenuestream (assume all revenue transactions are for cash). At thebeginning of the fifth year, the equipment was sold for $2,300cash. Bensen uses straight-line depreciation.20182019202020212022Revenue$7,880$8,380$8,580$7,380$0RequiredPrepare income statements, statements of changes instockholders’ equity, balance sheets, and statements of cash flowsfor each of the five years. Present the statements in the form of avertical statements model. (Statement of Cash Flows andBalance Sheet only: Items to be deducted must be indicated with aminus sign.)BENSEN COMPANYFor the Year Ended December 31Income Statement20182019202020212022Gain/(Loss)Net income/(loss)Satement of Changes in Stockholders'EquityNet income/(loss)Total stockholder's equityBalance SheetAssetsTotal assetsStockholder's EquityTotal stockholder's equityStatement of Cash FlowsOperating activities:Net cash flow from operatingactivitiesInvesting activities:Net cash investing activitiesFinancing activities:Net cash flow from financingactivitiesNet change in cashEnding cash balance