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 Co. borrowed cash from First Bank by issuing a $51,500 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 $15,204 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 $28,325 cash per year. Prepare the balance sheet for each of the four years. (Round your answers to the nearest whole dollar amount.) BROWN CO. Balance Sheet As of December 31 Year 1 Year 2 Year 3 Year 4 Assets Cash Land $ 0 $ 0 0 0 Total assets Liabilities Notes payable 0 0 0 0 Total liabilities Stockholders' Equity Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 0 0 0 0 $ $ 0 $ $ 0 FA $ 0 $ 0
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