Required information [The following information applies to the questions displayed below.] On January 1, Year...
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Required information [The following information applies to the questions displayed below.] On January 1, Year 1, Brown Company borrowed cash from First Bank by issuing a $73,000 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 $21,552 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 $40,150 cash per year. c. Prepare an income statement, a balance sheet, and a statement of cash flows for each of the four years. Complete this question by entering your answers in the tabs below. Income Statement Balance Sheet Statement of Cash Flows
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