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A partial amortization schedule for a 10-year note payable issued on January 1, Year 1, is shown next: Accounting Period Year 1 Year 2 Year 3 Required Principal Balance Cash January 1 Payment $ 39,866 39,866 39,866 $ 280,000 259,734 238,049 Required A Applied to Interest $ 19,600 18,181 16,663 a. Using a financial statements model, record the appropriate amounts for the following two events: (1) January 1, Year 1, issue of the note payable. (2) December 31, Year 1, payment on the note payable. b. If the company earned $78,000 cash revenue and paid $53,000 in cash expenses in addition to the interest in Year 1, what is the amount of each of the following? (1) Net income for Year 1. (2) Cash flow from operating activities for Year 1. (3) Cash flow from financing activities for Year 1. c. What is the amount of interest expense on this loan for Year 4? Applied to Principal $ 20,266 21,685 23,203 Complete this question by entering your answers in the tabs below. Required B1 Required B2 Required B3 Required C Using a financial statements model, record the appropriate amounts for the following two events: (1) January 1, Year 1, issue of the note payable. (2) December 31, Year on the note payable. Note: In the Statement of Cash Flows column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). Not all cells requin to be deducted and cash outflows should be indicated with a minus sinn

A partial amortization schedule for a 10-year note payable issued on January 1, Year 1 , is shown next a. Using a financial statements model, record the eppropriate amounts for the following two events: (1) January 1, Year 1 , issue of the note poyable. (2) December 31, Year 1, payment on the note payable b. If the company carned $78,000 cash revenue and paid $53,000 in cash expenses in addition to the interest in Year 1 , what is the amount of each of the following? (1) Net income for Year 1. (2) Cosh fow from operating activities for Year 1 (3) Cash flow from financing activities for Year 1. c. What is the amount of interest expense on this loan for Year 4? Complete this question by entering your answers in the tabs below. Using a financial statements model, record the appropriate amounts for the foblowing two events: (1) January 1, Year 1, issue of the note payabie. (2) Oecember 31, Year on the note payable. Notei in the Statement of Cach Flows column, indicate whether the item is an operating activity (OA), investing activity (IA), or finanong activity (FA). Not all ceds requen

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